SWIFT for Corporates

How we assist you

• We can transmit both transactional and non-transactional financial information through the SWIFT network, including your payment instructions for accounts payable and receivable, transactional status reports and final statements
• Send and receive payment instructions
• Receive transactional status reports
• Receive final statements

Features

How does SWIFT work?

There are two ways to access the SWIFT network:

• SCORE: The Standardised Corporate Environment (SCORE), a one-to-many model, allows your business to interact with banks that support SCORE
• MA-CUG: A Member Administered Closed User Group (MA-CUG) is a one-to-one model where you and the bank agree on the messages and/or formats that will be exchanged

How to communicate with your bank using the SWIFT network

Once you’ve chosen a model, you can communicate with your bank over the SWIFT network using the following integration protocols and supported message types:

• FileAct: This cost-effective and reliable protocol securely transfers large volumes of data in different file formats to and from financial institutions. It is typically used to exchange batches of structured financial messages, such as bulk low-value payments. Messages transferred with FileAct can be in any format, but we recommend using the SWIFT MX endorsed ISO20022 formats (for example, pain.001.001.03).
• FIN: FIN is a secure and reliable store-and-forward messaging service, typically used to exchange single high-value transactions in a structured SWIFT validated messaging standard. Messages transferred with FIN have to adhere to the SWIFT MT standard. These messages are validated on the SWIFT network to ensure data integrity and conformity to standard (for example, SWIFT MT101).

Talk to us

For more information on using SWIFT for your business contact your relationship manager.