Financial messaging network Swift is preparing to upgrade its Alliance Lite system, bringing the option of cloud-based connectivity to most customers.
Swift launched Alliance Lite in 2008 as a cheap option for customers with low volume traffic requirements and has signed up more than 500 users worldwide.
The system's interface uses a standard Internet connection with a Swift-issued hardware security token, which can be provided on a USB memory stick. Once activated, corporate users send payment instructions via Swift to their financial institutions in whatever format they want.
Alliance Lite2 will make Swift-hosted connectivity possible for far more customers by supporting much higher message volumes, all formats (MT and MX), and more automation options.
The cloud-based connectivity eliminates the need for customers to maintain Swift equipment onsite, with a USB token the only hardware required. Alliance Lite2 will also be offered to existing customers as a fall-back option.
Pilot testing is scheduled to begin in April, with the go-live date set for July.