Earthport joins Swift
Earthport plc, the UK–based, AIM listed company specialising in the provision of a secure electronic payments network, is pleased to announce that it has significantly extended the scope of its network by becoming a member of SWIFT.
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SWIFT is the industry-owned co-operative supplying secure, standardised messaging services and interface software to nearly 8,000 financial institutions in 206 countries and territories. SWIFT members include banks, broker-dealers and investment managers. The broader SWIFT community also encompasses corporates as well as market infrastructures in payments, securities, treasury and trade.
Earthport is the first payments company to be joining SWIFT through a Member Administered Closed User Group which will provide the following key benefits and advantages:
Direct Access to Interbank TransfersHarmonisation of banking applicationsCentralised and standardised reporting, including ability to receive intra-day and per movement reportingIncreased efficiency in sending payment instructionsIncreased reach of territories and currencies supportedImproved communication with banks via SWIFT Free Format messages - will aid in resolution of queries, tracking and tracing of fundsReduction in development time & resource in the integration of banks, as, reporting from the relevant bank will be able to be sent to the EPO SWIFT BIC and all payment instructions will be within the SWIFT StandardsImproved account opening process in that initial communication can be made by SWIFT.
Earthport is currently testing the links to and from SWIFT and expects that a full service will be available within six weeks.
Mike Harrison Chairman of Earthport plc commented: "Joining SWIFT is a landmark step in the continuing development of Earthport. Membership of SWIFT will radically improve the Company's ability to provide cost effective, fast and secure payment services to customers world wide, and demonstrates the Company's increasingly important role in the market as it drives to become the Money Movement Utility of Choice."