SWIFT announces today that KSNET Korea has joined its Alliance Lite2 for Business Applications program, a single package which combines the value of software applications with SWIFT connectivity to deliver the advantages of global reach and secure financial communications across multiple business segments for its customers in Korea.
Kang Ki Ho, Managing Director, at KSNET Korea, says, "The recent changing global economic landscape especially in Foreign Exchange Transaction Act has raised certain customer enquiries for global connectivity. We understand global cash visibility is key when corporates doing business with their oversea entities, yet there are also concerns over the cost, security and its implementation for direct connectivity. With Alliance Lite2 for Business Applications, we can offer our customers a cost effective, secure and convenient multi-bank gateway all over the world with standardised SWIFT connectivity and compliance to industry messaging standards."
The landscape for global payment and cash visibility is evolving. Corporates are increasingly outsourcing IT functions to reduce costs and they can focus on their core business. The critical problem they face is how to deal with multiple banking partners using a single and cost-effective communication channel. Alliance Lite2 for Business Applications removes the need for intermediaries with out-of-the-box and direct connectivity as well as reduction in implementation time for faster time to market, which enables application providers to connect their customers to thousands of financial institutions globally.
Laurent Verstraeten, Head of Partnerships & SME Business Development, Asia Pacific at SWIFT, says, "In Asia, there is a growing number of corporates reducing operations by implementing effective treasury strategies such as payment factories and treasury centralisation. With KSNET's joining to demonstrate the value of Alliance Lite2 for Business Applications, corporates in Korea can remain competitive in the region with global bank reach and secure financial communications. KSNET plays a crucial role in connecting corporates and banks, and we are very pleased they will be using SWIFT to support their customers' need for global connectivity and reach."
Alliance Lite2 for Business Applications enables SWIFT connectivity to easily integrate with software applications, mitigating the need for infrastructure investment. This allows application providers to offer a bank-agnostic solution for their customers to connect the applications with more than 10,500 institutions in 215 countries around the world.
Alliance Lite2 has been extended to business applications since October 2014. Currently, 11 software providers active in cash and treasury management have enabled corporates to connect to SWIFT globally using this solution.