SEB connects to Tieto Payment Factory via Swift

Source: Tieto

SEB's corporate clients can more quickly and cost effectively reach all their gobal banking partners and handle ther international and domestic payment and reporting needs through one single service - Tieto Payment Factory service with SWIFT Service Bureau.

SEB is the first bank in the Nordic region to be connected to Tieto Payment Factory via SWIFT, and first among the European banks to offer both fully automated payment and reporting processes using the ISO20022 messaging standard. The first client to use the service is Tieto's own shared service centre and treasury department.

"International corporations are doing business with several banks located in a variety of countries. Previously bank connectivity services have usually been provided via bank-specific channels requiring bank-specific implementation. Through Tieto's Payment Factory SEB's corporate customers can easily connect to SWIFT and reach all their banking partners through a single global channel. SWIFT allows us to better serve our global customers by significantly lowering their bank connectivity costs and the implementation time required," says Lars Millberg, Head of SEB Global Transactions Services Corporates.

"Better funds visibility and improved cash and liquidity management are key objectives for our corporate customers. Simplifying bank connections is an important element in reaching these objectives. Providing cash management services to corporate customers using SWIFT is important for SEB. Tieto is happy to support the bank's strategy in this area," says Markus Hautala, Director, Tieto, Value Networks.

"This service has helped us a great deal with our SEPA implementation project," says Janne Salminen, Group Treasurer of Tieto. "This is also one of the cornerstones in our project to harmonise Tieto's global cash management processes."

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