16 July 2018
Register today

Swift relaxes corporate access rules

22 July 2009  |  8382 views  |  0 Swift hq, inside

Bank-owned co-operative Swift is looking to extend its influence in the corporate treasury market by relaxing stipulations that limit access to exchange-listed entities only.

The new criteria - voted upon unanimously by the Swift Annual General Assembly in June - means that any corporate can now join the network, provided it is recommended by a bank located in a FATF (Financial Action Task Force).

Under the previous rules, only corporates actually listed on an exchange in a FATF country could join the network, effectively barring entry to major privately-owned multinationals such as Sweden's Ikea and Tetra Laval.

A recent survey by Financial Insights of corporate treasuries in the US picked up on growing interest in the Swift for Corporates (score) offering. The ongoing financial crisis has proved to be an important driver as corporates look for maximum visibility on their global cash positions. At the same time, the new Alliance Lite interface provides lower-volume users with a means of rapid access to the network and to the key cash management information services offered by their banks such as statements of account.

Despite the relaxed entry criteria, Swift says it will continue to support the existing range of access mechanisms that corporates and banks have established.

"We expect most corporates that are not yet users of Swift to opt for Score when they do sign up," says the company in a statment. "However frameworks such as member administered closed user groups (MA-CUGs) will receive all the support necessary to their users. No one will be compelled to change their agreed approach."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Swift taps Quantum4D visualisation software

Swift taps Quantum4D visualisation software

17 July 2009  |  6131 views  |  0 comments
Swift gaining traction among US corporates

Swift gaining traction among US corporates

08 July 2009  |  7220 views  |  0 comments
Swift switches on central matching for brokers and hedge funds

Swift switches on central matching for brokers and hedge funds

11 June 2009  |  6929 views  |  1 comments
DTCC, Swift and XBRL US team on corporate actions processing

DTCC, Swift and XBRL US team on corporate actions processing

28 May 2009  |  9225 views  |  0 comments
Swift set for greater involvement in e-invoicing

Swift set for greater involvement in e-invoicing

28 November 2008  |  16259 views  |  0 comments
JPMorgan runs successful Alliance Lite pilot at Swift treasury

JPMorgan runs successful Alliance Lite pilot at Swift treasury

04 November 2008  |  11599 views  |  0 comments
Swift to develop insurance industry platform

Swift to develop insurance industry platform

17 September 2008  |  5905 views  |  0 comments
ING selects Microsoft for settlement connectivity via Swift

ING selects Microsoft for settlement connectivity via Swift

15 September 2008  |  6087 views  |  0 comments
Swift launches Lite interface in bid to win over low volume prospects

Swift launches Lite interface in bid to win over low volume prospects

15 September 2008  |  6992 views  |  0 comments
Swift extends E&I service to corporates

Swift extends E&I service to corporates

15 September 2008  |  4986 views  |  0 comments
RBS launches Swift service bureau for corporates

RBS launches Swift service bureau for corporates

10 September 2008  |  10309 views  |  0 comments
Prime brokers select Swift to develop trade matching platform

Prime brokers select Swift to develop trade matching platform

06 August 2008  |  6566 views  |  0 comments
Swift to offer corporate access via USB stick

Swift to offer corporate access via USB stick

26 June 2008  |  11598 views  |  0 comments
Swift to process bank-to-corporate trade data

Swift to process bank-to-corporate trade data

25 June 2008  |  8146 views  |  0 comments
Banks called to account over corporate servicing

Banks called to account over corporate servicing

04 October 2007  |  4450 views  |  0 comments
SunGard to take on Swift Member Concentrator role

SunGard to take on Swift Member Concentrator role

02 October 2007  |  6327 views  |  0 comments
Broadridge scores first corporate client for Swift Service Bureau

Broadridge scores first corporate client for Swift Service Bureau

02 October 2007  |  4084 views  |  0 comments
Swift introduces corporate forum at Sibos

Swift introduces corporate forum at Sibos

01 October 2007  |  4623 views  |  0 comments
Swift corporate access offering goes live

Swift corporate access offering goes live

10 January 2007  |  7467 views  |  0 comments
Corporate treasurers work with Swift, Twist on payments standards

Corporate treasurers work with Swift, Twist on payments standards

30 November 2006  |  8071 views  |  0 comments
Corporates and banks come together on ISO 20022 payments standard

Corporates and banks come together on ISO 20022 payments standard

27 September 2006  |  10360 views  |  0 comments
Swift shareholders in historic corporate access vote

Swift shareholders in historic corporate access vote

15 May 2006  |  7679 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit https://secure.vasco.comVisit www.aciworldwide.comVisit http://go.jumio.com/finextraAd

Who is commenting?

A Finextra member Finextra Member Commented on: Mastercard enlists Wor...
Suresh K Suresh K Commented on: I am the password
A Finextra member Finextra Member Commented on: Mastercard enlists Wor...

Top topics

Most viewed Most shared
Handelsbanken trials micro contactless cardsHandelsbanken trials micro contactless car...
9816 views comments | 18 tweets | 30 linkedin
Championing financial inclusion and helping the UnstoppablesChampioning financial inclusion and helpin...
8362 views comments | 3 tweets | 1 linkedin
PayPal ready to spend $3bn a year on acquisitionsPayPal ready to spend $3bn a year on acqui...
8246 views comments | 13 tweets | 17 linkedin
Anything Visa can do...Mastercard takes time outAnything Visa can do...Mastercard takes ti...
7811 views comments | 6 tweets | 14 linkedin
Faster Payments outage delays thousands of transactionsFaster Payments outage delays thousands of...
7160 views comments | 8 tweets | 19 linkedin

Featured job

to GBP £90K base, double OTE (estimate)
London, UK or Europe

Find your next job