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SWIFT secure financial messaging services key facts and information


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The AccessPay SWIFT Payments Module will help you leverage the power of the SWIFT network and benefit from faster, more efficient global payments.

Published in: Economy & Finance, Business
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SWIFT secure financial messaging services key facts and information

  1. 1. SWIFT: Secure Financial Messaging Services Key facts and information
  2. 2. What is SWIFT ? SWIFT is the Society for Worldwide Interbank Financial Telecommunication. SWIFT enables financial institutions throughout the world to send and receive information about financial transactions in a secure, standardised and reliable environment. Member-owned cooperative. • Headquartered in Belgium • One of the largest financial messaging systems in the world. • Over 40 years old…
  3. 3. SWIFT – 40 years and going strong In 1973, banks created SWIFT. Their aim was to provide: 1) A shared worldwide data processing and communications link. 2) A common language for international financial transactions. SWIFT began with 239 banks on board. It is now a vast global network… More than 10,000 organisations in 212 countries now use SWIFT to exchange millions of financial messages every day. As of February 2013, the average daily SWIFT network traffic was 19.5 million messages!
  4. 4. How does SWIFT work? SWIFT transports financial messages in a highly secure way; but it is not a financial institution. It does not hold accounts for its members and does not perform any form of clearing or settlement. • Messages leaving a customer site are encrypted before their transmission over SWIFT’s network. • The sender defines and controls the information in a SWIFT message. • SWIFT cannot see it without explicit authorisation, and only for defined reasons. • SWIFT takes full liability for each message once they have accepted it.
  5. 5. Key benefits – standardisation SWIFT simplifies and standardises bank communications for businesses around the world. For businesses doing global trade, having numerous bank accounts in different countries can make things complicated… SWIFT gives them a ‘single window’ for their financial messaging, allowing them to: • Improve their connectivity with banks in different countries. • Get full global visibility of their cash position. • Make better informed global cash management decisions.
  6. 6. Key benefits - security SWIFT guarantees the delivery of messages, and has a network and system availability greater than 99.999%. SWIFT has elaborate contingency plans including data encryption, audit tracing and intrusion detection to ensure data confidentiality and integrity. Businesses who use SWIFT to exchange financial information safely and securely can: • Lower their costs. • Reduce operational risk • Eliminate operational inefficiencies.
  7. 7. The AccessPay/SWIFT agreement In October 2013 AccessPay announced the signing of an agreement with SWIFT… This agreement positioned AccessPay as first in the market to offer a cloud- based payments and cash management application with SWIFT messaging connectivity fully integrated, adding value to AccessPay’s SEPA, Bacs and Direct Debit Management solutions. “With SWIFT financial messaging integrated seamlessly into our cloud-based platform, our clients can now communicate securely with banks all over the world.” Ali Moiyed, AccessPay CEO
  8. 8. AccessPay’s SWIFT Payments Module The AccessPay SWIFT Payments Module enables businesses to send funds securely across a range of currencies and enjoy faster, more efficient global payments. The module gives AccessPay clients the power to leverage the full potential of the SWIFT for corporates network, allowing them to: • Design straight-through-processes for payments and statements. • Convert file formats into the single SWIFT standard. • Rationalise current internal banking software. • Maximise cash visibility • Optimise cash flow.
  9. 9. AccessPay CEC Winchester - Crawford Place, 259-269 Old Marylebone Rd, London NW1 5RA Any Questions? Tel: +44 (0) 203 282 7152 Email: Website: