Swift signs 900th corporate

Source: Swift

SWIFT, the financial messaging provider for more than 9,700 financial institutions and corporations in 209 countries, announced today its corporate treasury user community now spans 900 corporations.

Corporations join a global community that leverages the SWIFT network to mitigate risk, gain efficiency from their existing infrastructure, improve liquidity management and facilitate payments between counterparties for more than 25,000 legal entities. The community utilizes SWIFT's multiple service offerings to the corporate community, including:

* eBAM and the eBAM central utility pilot to assist with the adoption of the standards.
* 3SKEY (SWIFT Secure Signature Key) to provide digital identity security.
* eStatements via FileAct to automate end of month bank statements over SWIFT.
* Accord for Securities for trade confirmation matching.

Among the 900 corporations connected to the SWIFT network is Viacom. Brooke Tilton, Director, Treasury Operations at Viacom, says: "We plan on utilizing the SWIFT network to help ensure operational efficiency while implementing a new treasury management system for better visibility to cash and improved controls to reduce risks to the company."

To simplify on-boarding and implementation, SWIFT is also offering supporting projects through SWIFT Consulting Services to assist with bank operational readiness and streamline implementations.

"In response to growing client demand, Citi is working more closely with SWIFT to drive a number of industry initiatives which make it easier for Corporates to do business with banks. These include the eBAM Central Utility, which simplifies bank account management, and 3SKey, SWIFT's new digital identity service. SWIFT's secure resilient networking capability combined with Citi's global reach is a powerful combination to drive further market adoption," says Rene Schuurman, Director - Global Product Manager, Connectivity Services, Citi GTS.

"Sustained, high growth rates give evidence to the corporate market's interest in SWIFT for Corporates. SWIFT's promise and reality for the banks: standard access across your bank network is now available to SWIFT's corporate users," sate users," says Robert J. Blair, Managing Director, Client Access Product Executive, J.P.Morgan.

Eileen Dignen, Managing Director, Banking Initiatives - SWIFT Americas: "Corporations are utilizing the SWIFT network to gain maximum efficiency from their financial and treasury operations. Together with our community, including banks, corporate and industry partners, we are committed to continue strengthening the value of our offering in the corporate-to-bank space."

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