Pohjola and Tieto launch Swift service

Source: Tieto

Pohjola and Tieto have launched a service onto the market enabling corporate customers to use Pohjola's payment transfer services via the Swift network which provides customers access to almost all banks around the world via one channel.

Enabled by the new service, Pohjola as a provider of global payment transfer services will rise to the level of global banks.

The SWIFT network has so far been mostly used by banks and major institutions for transmitting payment and securities orders and reports. Now this new cost-efficient service is available to companies of all sizes. The number of the SWIFT network users totals roughly 10 000 companies, banks and other financial institutions worldwide.

- International corporations need banking services everywhere in the world and until the present day they have often had to build separate connections with several bank partners. Now a single channel enables connections without any need to buy and maintain standalone software. Such a connection can be linked as part of Pohjola's services. We can provide the new service for our foreign customers too, says Matias Huhtala, Vice President, Pohjola Cash Management.

- Simplifying connections between banks and companies will provide the corporate sector not only with major cost savings but also other business benefits. For cash management purposes, it is essential that companies have access to up-to-date information on their cash position at any given time. Pohjola Bank plc has joined the ranks of progressive banks by providing SWIFT services needed by our international corporate customers, says Markus Hautala, Director, Tieto, Value Networks.

The service is based on the Tieto Payment Factory bank connectivity service, through which it is possible to send payment data to all banks in the world. Services are available to Pohjola's customers via the SCORE channel. Pohjola Bank plc is the first bank in Finland that serves the customers of the Tieto Payment Factory service via SWIFT.

The European and global harmonisation of payments standards will support the diffusion of the new service. As a result of the creation of the Single Euro Payments Area, SEPA, Europe will use global payment messages based on the ISO2002 message standard.

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