PowertoPay, the supplier of the SaaS Corporate Payment Hub, has a connection with SWIFT, a global provider of financial messaging services.
In addition to the connections with domestic financial institutions, the SWIFT connection allows the PowertoPay Corporate Payment Hub to reach more than 10,500 financial institutions and corporations in 215 countries.
SWIFT enables customers to exchange automated and standardised information about financial transactions, thereby lowering costs, reducing operational risk and eliminating inefficiencies from their operations. Through its new Alliance Lite2 for Business Applications product, SWIFT opens a gateway to international payments for PowertoPay customers. PowertoPay’s Commercial director Bas Huisman states: “We have noticed that the nature of payments has become increasingly international. Our customers want to be able to connect with foreign as well as domestic financial institutions. Via the SWIFT connection, our platform is able to reach these foreign institutions”. The PowertoPay Corporate Payment Hub is fully integrated with the SWIFT network and no further technical setup is needed. Through the SWIFT network, PowertoPay customers are able to send bulk payment files, but customers are also able to manually create SWIFT individual payment messages (MT101) using SWIFT FIN messaging standards.
“PowertoPay is a one stop shop service provider. Besides arranging the technical setup for our customers, we also are the Single Point of Contact for our customers. Naturally, every customer gets their own BIC-code with a full connection to SWIFT”, says Bas Huisman.
Launched in September 2014, SWIFT’s Alliance Lite2 for Business Applications enables select application providers to combine the value of software applications with SWIFT connectivity in a single package, delivering end-customers the advantages of global reach and secure financial communications across multiple business segments. Alliance Lite2 is available for cloud application providers in different business segments, including payments, cash management, trade, securities and funds.
Robert Schneider, Head of Corporates Sales EMEA at SWIFT says: “The integration of the Payment Hub with our cloud connectivity solution will increase the value for corporate clients in the Benelux region by combining our global bank reach with the convenience of a SWIFT certified cloud application”.
PowertoPay is among a handful of early adopter application service providers to incorporate SWIFT’s Alliance Lite2 into its business applications for corporate treasury customers.