Swift corporate access offering goes live

Swift corporate access offering goes live

Financial messaging network Swift has gone live with its new corporate access model, Score, following a three-month pilot of the system.

Score - which stands for Standardised CORporate Environment - has been developed to make it easier and more attractive for corporates to access Swift.

Swift's banking shareholders overwhelmingly approved by 98.6% the creation of a new corporate access model at the co-operative's AGM in June last year. The new model enables corporates to join a single closed user group (CUG) containing many financial institutions, where corporate-to-financial institution SwiftNet messaging and file transfer are supported.

Swift says the initial focus of Score is cash management and treasury transactions. Additional bank services, such as exceptions and investigations, trade services and investment services, are expected to follow.

Luc Meurant, head, corporate access programme, Swift, says: "Score brings two major benefits to corporates and financial institutions: increased efficiency and most importantly – stronger standardisation."

Score has been piloted with a number of corporate firms and financial services participants including Alstom, Arcelor Mittal, CIBA, Danone, Gaz de France, General Electric and Microsoft, together with ABN Amro, Bank of America, Barclays, BNP Paribas, Citigroup, Deutsche Bank, HSBC, ING, JPMorganChase, Nordea, Société Générale and UBS.

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