SWIFT has launched a Correspondent Banking Suite that provides a single solution for banks seeking cost-effective access to SWIFT while increasing the efficiency and security of their correspondent banking activities.
Small to medium sized banks face a combined pressure of minimising operational costs while keeping their SWIFT infrastructure up-to-date in terms of technology and security. Additionally, evolving regulatory requirements and cyber security challenges make it crucial for banks to have an in-depth knowledge of their correspondents.
In order to facilitate efficient, secure and cost-effective correspondent banking, banks must be able to track payments, ensure trouble-free payments processing, defend against cyber threats and financial crime and access the data required for comprehensive analytics.
The Correspondent Banking Suite gives banks direct, cost-effective access to the SWIFT network via Alliance Lite2, a standardised, robust and secure cloud-based interface managed and operated by SWIFT. Alliance Lite2 combines the benefits of SWIFT with the added value typical of cloud solutions - a lighter footprint and faster time to market.
This is packaged together with SWIFT’s best-in-class products and services for correspondent banking, including:
• KYC Registry - shared platform for managing and exchanging standardised Know Your Customer (KYC) data
• Sanctions Screening - screens incoming and outgoing messages against the latest sanctions lists
• Name Screening - online lookup tool enabling screening of single names against sanctions, PEP and private lists
• Daily Validation Report - validate SWIFT transaction activity and understand payment risks
• Bankers World Online and BI Network Management - detailed correspondent banking traffic and payments reference data
• SWIFTSmart - cloud-based elearning platform
• Subscription to gpi Tracker - transparent, end-to-end payments tracking (available in the Correspondent Banking Suite in 2018)
The Correspondent Banking Suite consists of three packs that can be combined to meet an institution’s specific needs - Basic Pack, Compliance Pack and Business Data Pack.
Sophie Racquet, Head of Cloud Services, SWIFT, comments: “We understand that different organisations have different connectivity needs when it comes to the infrastructure they rely on for financial transactions. Small to medium sized banks that engage in correspondent banking face a unique challenge. They must reduce their operational burden without compromising on security while navigating the complexities of dealing with multiple institutions. We developed the Correspondent Banking Suite to tackle these challenges head-on, combining a set of trusted and proven SWIFT products and services at a cost-effective price point.”