Financial i: Roundtable Corporate SWIFT Access

Corporate
SWIFT Access
Roundtable
Sponsored by Dresdner Bank
in association with Financial-i
February 1st 2007
Frankfurt

Roundtable

Left to right:
1 Manfred Fleckenstein,
5 6 2 Matteo Rizzi,
4 7 8 9 3 Jens Romaus
1 2 3 4 Anita Hawser
5 Chris van Tieghem
6 Andreas Elberg
10 11 7 Heiko Rode
8 Peter Schneider
9 Dirk Braun
Seated:
10 Verena Siedl
11 Berit Walter

List of participants:
Moderator: Anita Hawser, Matteo Rizzi, senior business Andreas Elberg, treasury &
managing editor, financial-i manager, corporate connectivity, relationship management, cash
Continental Europe, SWIFT management, T-Mobile
Manfred Fleckenstein, head, global International (Europe and USA),
cash management, Dresdner Bank. Jens Romaus, senior director, Bonn
customer solution & operations,
Dirk Braun, assistant vice EMEA, SAP Chris van Tieghem, group
president, global cash manage- treasurer, Wienerberger, Vienna
ment, Dresdner Bank Peter Schneider, sales team, EFiS,
SWIFT service bureau, Frankfurt Verena Siedl, product & project
Berit Walter, vice president, global manager, payment, bwin.com,
cash management, Dresdner Bank Vienna

2 Financial i · Q1 · 2007

Roundtable

Corporate
SWIFT Access
On the 1 February 2007, Dresdner Bank in association with financial-i
invited corporates, ERP vendors and SWIFT to Dresdner’s boardrooms in
Frankfurt to debate the merits of corporates accessing SWIFTNet.

Anita Hawser: What is the strategic tracking, reporting, matching and so Hawser: How have corporates
importance of SWIFTNet corporate on, which can be described as established a business case for
access for the banks? ‘additional services’. implementing SWIFT connectivity?

Manfred Fleckenstein: My team and I In this context, connectivity between Andreas Elberg: SWIFT and also SEPA
are convinced of two trend-setting corporates and banks is an additional is an interesting topic for us. In
issues in terms of the re-structuring of service. For us as a commercial bank, February we went live with our
cash management. Many corporates corporate SWIFT access is an payment factory, and SWIFT is really
have already or intend to set up so- opportunity to differentiate ourselves important because we have companies
called ‘payment factories’, which from our competitors. As the market is in different European countries, and
means centralising the treasury and young and we are involved in we have many different formats and
cash management activities of their developing several projects, we can act systems, and with the high volume of
respective subsidiaries and groups, and as a ‘trend-setter’. SWIFTNet enables its payments – nearly 120 million
this is also being inspired by SEPA. participants to achieve real straight- payments per year – which is only for
Secondly, everyone in the corporate through processing of payments. It our mobile activities, we have 15
sector is looking for secure, quick, acts as a single financial window for different bank connections to maintain.
reliable and the most standardised corporates because it provides the
access to their bank. These facts and payments and the receivables. Also, It is also difficult to review all activities
the requirements of our customers lead every other financial business can be from a Sarbanes-Oxley perspective.
us to SWIFT corporate access. processed within this solution. That was one reason why we decided

Dirk Braun: Particularly in the context
of projects regarding cash and treasury
management functions, being able to The different forms of SWIFT corporate access
communicate with banks worldwide in
Since the late 1990s, SWIFT 8,000 banks and 180 corporates
a standardised fashion is a challenge
provided the treasury counterparty active on SWIFTNet. In terms of
for the corporate-to-bank-space. model, which allows corporates to the new SCORE model, around
Furthermore, because of regulations exchange treasury deal 15,000 corporates are eligible to
like SEPA, products provided by banks confirmations with any financial participate. When it comes to
institution on SWIFT. This was connectivity with SWIFT,
to their corporate customers have followed in 2001 by Member corporates can connect directly
become even more comparable, Administrated Closed User Groups using their own infrastructure
particularly in the transaction banking (MA-CUGs), and more recently, the (hardware, software,
Standardised Corporate communication) or indirectly via a
business. A payment is a payment is a Environment (SCORE) model. Member/Concentrator bank or
payment. There are possibilities of Today, there are approximately service bureau.
differentiation like speed, control,

2007 · Q1 · Financial i 3

Roundtable

"Everyone in the corporate sector
is looking for secure, quick,
reliable and the most
standardised access to their
bank. These facts and the
requirements of our customers
lead us to SWIFT corporate
access."

Manfred Fleckenstein,
head, global cash management,
Dresdner Bank.

to use SWIFT – to have one channel Chris van Tieghem: Wienerberger had countries that we have to implement
for T-Mobile’s whole payments a co-ordination centre in Belgium, cash management and our payment
business in Europe and, hopefully in which performed cash management factory for. This is how we arrived at
the coming years, with the USA as for Western Europe, and we also had a SWIFT connectivity. In terms of our
well. From a cost perspective, we will payment factory in those countries. payment factory, we don’t centralise
save at the beginning of our project Due to the change in regime of the all payments and send them from one
approximately EUR 1 million and just co-ordination centre in Belgium, we point. We make the payments from
two banks will handle all of our centralised everything in Vienna. the different accounts from the
European business. Once the payment different companies, but via the
factory is in place, it will give us the In Vienna, there was a long-term existing bank software.
possibility to save more money and financing operation for the companies,
reduce technical interfaces. but no cash management and so we We manage to have a view on the
were confronted with the situation of liquidity on the payments that are
Hawser: Have you built your own maintaining six different banking completed, and this information is
proprietary SWIFT infrastructure software systems, and we wanted to transferred to cash management and
in-house? extend it to Eastern Europe, so we will used for funding purposes. All file
have approximately 17 different transfers including payments and
Elberg: Yes. We have a payment
factory in place for our in-house
activities. That means all our in- Corporates on SWIFT
house payments will be handled by
our central payment factory. We are T-Mobile International, Bonn – communications concerning
The leading international mobile payments and bank statements
also looking at cash management so
phone operator, which is a with its banks in five countries. It
that we can have a total view in our strategic business unit of uses a service bureau, Atos, to
cash bank over our financial Deutsche Telekom, implemented connect to SWIFTNet. It is also
activities across Europe and the USA. an in-house payment factory, considering the new SCORE model
which has direct connectivity for accessing SWIFT, which allows
The last step is to centralise our corporates to leverage a single
with Dresdner Bank’s SWIFTNet
external payments and direct debit MA-CUG. T-Mobile is in the going MA-CUG for communicating with
activities. T-Mobile will be the first live phase to become the first multiple banks.
company with direct SWIFT company with direct SWIFT
connectivity to send more than bwin.com, Vienna – One of
connectivity and more than 120 120 million bulk payments via Europe‘s leading online gaming
million bulk payments over SWIFT. SWIFTNet. and entertainment companies,
bwin.com is in the test phase of
Wienerberger, Vienna – A leveraging its own internal SWIFT
Hawser: Chris van Tieghem of manufacturer of bricks and infrastructure to connect to MA-
Wienerberger, could you tell us roofing systems, Wienerberger is CUGs so it can replace proprietary
how your company established a currently in the design and banking solutions, fully automate
conception phase regarding its use the payment process and reduce
business case for SWIFT bank transfer times and costs.
of SWIFTNet for all
connectivity?


Roundtable

“Getting rid of [proprietary
banking solutions] entailed a
cost reduction on the one hand;
on the other it made handling
the business easier.”

Verena Siedl,
product & project manager, payment,
bwin.com, Vienna

direct debits are done via the bank collect different bank statements and extended and it is a kind of
software, and all this will be taken have an overview of our bank investment in the future.
over in the new payment factory and accounts and cash details.
with SWIFT management. Elberg: We have, since 2001,
Hawser: Did you want to see focused on centralising activities. So
Hawser: Verena Siedl of bwin, can other corporates go live on we started with internal payments,
you tell us how you arrived at SWIFTNet first before you took internal cash management and the
SWIFT corporate connectivity? the plunge? third part, SWIFT, was not difficult
for us. Our early idea was to have
Verena Siedl: Bwin is an online Siedl: SWIFT was always in the only one channel, and we thought
entertainment company. Focusing loop, so as soon as it was possible, SWIFT was a possibility for that.
on Continental Europe, we support we said: ‘Yes, okay, now we will do From the beginning we said it was
over 20 core markets, including it.’ only one more channel to transfer
Canada and Mexico. The most payment activities, but all
important thing is to enable van Tieghem: It [SWIFT] is a brand participants quickly learned that it
customers to be able to pay in and new world we are coming to. It was was more than that. Now we have a
pay out to their gaming accounts. not easy to sell the idea of SWIFT solution in place that will handle all
One of the most important payment connectivity into the group. I have our business in Europe in a
methods is bank transfer. We have a sold it more as a concept, as a new convenient way.
self-developed payment service and communication platform. For the
we are working with very different moment, we are using SWIFT for Hawser: What are SWIFT’s
files and exchanging files in cash management and for the ambitions in terms of getting
different ways. In our banking payment factory, but it can be more companies on SWIFTNet?
services team, there are many
manual tasks necessary to upload
and download files from the “SAP generates all the formats
different banking online service and it has tremendous
tools. flexibility. However, when you
come up with the file that is
We use SWIFT connectivity to sent to SWIFT, it has to be
automate the whole bank transfer adapted. We need to
process. Another major issue for us have that middleware.”
is to have single window access to
all of our banks. Having one
connection to all of them will be a Chris van Tieghem,
big advantage for us. Secondly, we group treasurer,
hope that with SWIFT and good Wienerberger, Vienna
partner banks, we will be able to


Roundtable

“When they [corporates] have
implemented two, three or
four MA-CUGs, it becomes easier to
manage. But if they are at the
beginning, it is more difficult.”

Berit Walter,
vice president,
global cash management,
Dresdner Bank

Matteo Rizzi: At the end of 2006, to join this new model. That is why For the first time in corporate-to-
the number of corporates registered we selected only listed corporates in bank connectivity, we now have
to use SWIFTNet was 181. Among Financial Action Taskforce countries. rule books.
them, approximately 120 are live Our members, the banks, had to
already. The reason for that is that define some criteria and scope for Before, in the MA-CUG, the bank
once corporates are registered on eligibility of corporates. was in charge of defining the
the network, it takes some months service to be offered to the
before they start exchanging the first Hawser: Why did SWIFT develop corporates. In SCORE it is entirely
message. We also say that, ‘It takes SCORE? different. SWIFT manages that
six months to connect the first bank process. There are rule books for
and six minutes to connect the Rizzi: The first advantage of SCORE the different SWIFT messaging
second one’. Once companies are is that we are simplifying the services to standardise the way we
live on the network, they can reach complexity of subscribing to several offer it to corporates. This is a very
their banking landscape in a much MA-CUGs with probably several tangible advantage of using SCORE.
easier way. different contracts, depending on We are not cannibalising MA-CUG
the financial institution, and also or even the treasury counterparty
Among the 180 corporates, 60% more within the MA-CUG concept we did model. These three are
or less are in Continental Europe and not really have a common approach. complementary.
the rest are divided between 30% to The real advantage of SCORE will
40% in the US and the rest of the come in the next months, first Hawser: What about SWIFT
world. The reason for that is that because the take-up of the number connectivity from a service
there is a European market maturity of financial institutions to SCORE bureau’s perspective?
for corporate treasury culture. We only commenced on 9 January.
have been able to start faster here Today there are many more banks Peter Schneider: EFiS was the first
than in other parts of the world, offering MA-CUG rather than private German SWIFT service
although several large American SCORE, but it is only a matter of bureau, founded in 1998. Our first
corporates like General Electric, time before this changes. customer was a small Volksbank on
contributed a great deal to what the the border of Germany. We learned
solution is like today. SCORE does not add further with it and decided to be a major
expense to a corporate that joins. SWIFT service bureau. In 2001, MA-
Corporates are a high priority in our We kept the pricing in the same CUG arrived. Also that year I arrived
strategy for 2010. Our ambition is to place as before, but we intend to from Hoechst AG to EFiS. My first
connect around 100 corporates a standardise as much as possible order was: ‘Please bring us customers
year over the next five years. That is everything concerning the contract, from the industry.’ We needed more
why the new model SCORE was the kind of messages and the way than four years to achieve that as,
introduced on 9 January. Our aim is to exchange messages between initially, it was prohibited for
to select the corporates that are able corporates and banks within SCORE. industrial customers to use SWIFT.


Roundtable

“In the SCORE model it is not
possible to buy shares of
SWIFT. If you don’t have a share,
you are not a member of a
board.”

Peter Schneider, sales team,
EFiS, SWIFT service bureau, Frankfurt

SWIFT was bank-owned, and we saw within the SWIFT community. companies have the same issues that
that B2B was not business-to- Today, the SWIFT Board and global companies have as business is
business, but bank-to-bank. That is working groups comprise only global. A small privately owned
precisely our problem today, but in bankers. If more and more company may not have 15
the meantime, because of changing corporates join SWIFT, however, proprietary banking channels, but it
currencies, Europe had only one perhaps we will see some still faces the same problems. We are
currency, the euro, and this meant corporates on the Board and working on this issue, together with
that corporates began questioning represented in these groups. SWIFT, and we are working for both
how many banks they needed in the the large and the small market.
different countries. The same idea Schneider: In the SCORE model it Corporates are using several
came about with SEPA, and you is not possible to buy shares of communication channels into the
know the definition of SEPA could SWIFT. If you don’t have a share, bank, or at least into the SWIFT
be ‘Single Euro Payment Access’. you are not a member of a board. environment. We found that for each
That is exactly what SWIFT offers. channel, they need to budget
Braun: Of course, but there will approximately USD 50,000 per year.
Hawser: Was there an initial definitely be a corporate voice If they have eight, nine or 10
perception among companies that within the SWIFT community within channels, this is a lot of money to
SWIFT was only for the big multi- the next few years. pay. Our customers asked us to
nationals that were multi- reduce this complex environment.
banked? Rizzi: Corporates today already have
a voice within SWIFT. In France, for Elberg: For us, it is really important
Schneider: Yes, I think so. At first instance, corporates are participating to have a company like SAP on
it was for the big companies. in the SWIFT user group which was board. All our companies in Europe
SCORE is very good, but in not an easy step because the banks are using SAP, and that is a great
Germany, it is not accessible for were quite cautious. At Sibos last advantage for us because it was
companies like Bosch because they year in Sydney, we had a plenary very easy for us to get connectivity
are not listed on a stock exchange. session just for corporates on between the different SAP systems
These companies have tended to corporate connectivity. in Austria, the Netherlands and so
establish multiple MA-CUGs, which on. I am happy to hear that SAP is
is not the best idea in my opinion. Hawser: What role can ERP also working on middleware,
vendors like SAP play in making because SAP already has a treasury
Hawser: To what extent is SWIFT connectivity not just system module in place.
volume of corporate users on something for big companies but
SWIFT important? for mid-tier and perhaps lower But for a global company like T-
level companies as well? Mobile it has not been convenient
Braun: If there are more corporates enough during the last few years.
on SWIFTNet, they will get a voice Jens Romaus: Mid-market SAP hasn’t offered any middleware


Roundtable

“Corporates are using several
communication channels into
the bank, or at least into the
SWIFT environment.
We found that for each channel,
they need to budget
approximately USD 50,000 per
year.”

Jens Romaus,
senior director, customer solution &
operations, EMEA, SAP

for SWIFT connectivity so far. The why we bought it externally. SAP Rizzi: In SCORE there are guidelines
problem is we have the information generates all the formats and it has for mandatory and non-mandatory
in SAP and we are not able to send tremendous flexibility. However, fields. It is up to banks and
it out of SAP directly to a bank or when you come up with the file corporates to decide how to use
directly over SWIFT to a bank. I that is sent to SWIFT, it has to be them.
also see that problem with other adapted. We need to have that
customers. It would be good if SAP middleware. Could I ask a question Berit Walter: Dresdner Bank has a
could give us a convenient solution of SWIFT? Matteo Rizzi said it takes long history of working with standards
on the middleware side. six months to join a new MA-CUG. in handling formats and connectivity.
But then the problems happen, We always try to adapt to market
Romaus: We are developing this problems in the way that a simple standards, and this is why we have
integration package, reducing the Request for Transfer (SWIFT format always used SWIFT formats. And when
channels, and we are developing a MT101 for credit transfers) can have we use single format fields in a
bank relationship management tool. different variants if you want to different way, this is just to make them
We have begun the pilot phase, send it to different banks. We have useful for local clearing requirements
which is called ‘Ramp Up’ at SAP. to test it every time. Will the abroad where we also work with these
Every company has a unique SCORE model bring us some relief formats. This underlines that there is
environment, and so it is not a case in that? definitely a need for standardisation.
of simply selling software, plug and SEPA will act as a catalyst for
play and everything is good. We are Rizzi: What the FIN rule book will standardisation.
learning, and it is necessary to work set up first is the classes of messages
together with a handful of pilots. that all the banks will have or have From a bank’s perspective it is always
Our goal is to make this bank the possibility to offer within SCORE. a temptation to develop your own
relationship management In the rule book you will read that systems, because it gives you a feeling
enhancement software solution MT101 is the method for payments of binding your client closer to your
available at the end of 2007 for all which is strongly recommended. institution. On the other hand, it is a
companies, and it is based on mySAP Concerning the way in which a bank risk because there is definitely a
ERP 2005. today is processing the payments, it requirement for standardisation in the
is true that especially for non- market.
Hawser: How do other corporates mandatory fields there are some
perceive SAP’s involvement? banks which are shaping the Rizzi: One of the strongest value adds
messages in different ways. of FIN is the semantical and
van Tieghem: Without SAP we syntactical validation of the message,
would not have a SWIFT project. van Tieghem: Within SCORE, which means that once the message
SAP standardises a lot of procedures will it come to a kind of arrives at the SWIFT interface, there is
and I agree that there is some standardisation or will each bank a commitment to deliver to the
middleware missing, and so that is still have its mandatory fields? destination. When corporates say the


Roundtable

“Today, the SWIFT Board and
working groups comprise only
bankers. If more and more
corporates join SWIFT, however,
perhaps we will see some
corporates on the Board and
represented in these groups.”

Dirk Braun,
assistant vice president, global cash
management, Dresdner Bank

MT101 is different from one bank to Walter: It depends at what stage of postings we needed to get to Tier
another, it will still be validated, the the project companies are in. When 2, and we were not able to reach
message will be processed, but some they have implemented two, three that. Maybe a company like T-
information which is not mandatory or four MA-CUGs, it becomes easier Mobile or other big players in
can be different. to manage. But if they are at the Europe are not able to reach Tier 2
beginning, it is more difficult. or Tier 3 pricing. On the other hand,
Elberg: It is necessary that we attain a I do not think it is right to give
higher standard in managing financing Hawser: What are the challenges companies the same pricing as a
activities. SEPA will be the next step for a major company like T- bank, because it is very different.
for us, and hopefully it will give us Mobile in terms of having to set
the possibilities to not only have ‘one up multiple MA-CUGs? Hawser: How should companies
cash format’, as the euro provided, measure the return on
but also to have ‘one technical Elberg: As we discussed with investment (ROI) of SWIFT
format’. It would be good if we could SWIFT about MA-CUG, it said that in corporate access?
have only one channel, SWIFT, and the middle of 2006 it would have a
only one format in Europe. I do not new solution. Unfortunately, we van Tieghem: It depends on how
think it will happen in the next year, were not able to use this new creative you are. In our case, we
but we are on the right path to solution called SCORE. I think found out that there are a lot of
achieving it in the next three to five SCORE will have a lot of benefits hidden costs. Running the software
years. for us. It has the possibility to send of a bank, you have to keep it up
messages to different banks that and running, you have different
Hawser: To what extent is having to participate in SCORE, but there is security systems. You have to
implement multiple MA-CUGs an also the question of pricing. That maintain all these things, and these
issue for corporates? was the main reason why we costs are not obvious.
decided to use the old MA-CUG and
van Tieghem: Regarding MA-CUGs, not the new SCORE model. Siedl: We also had proprietary
we already have a kind of banking solutions. Getting rid of
standardisation with the banks. We With SCORE we are not able to use them entailed a cost reduction on
are not confronted with totally the pricing tier of our house bank. the one hand; on the other it made
different cultures. We will end up We have more than 120 million handling the business easier.
with the SCORE model, but as we payments, and when we discussed it
have quite strict implementation with the bank, we were one of the Rizzi: In terms of ROI, I agree that
dates, we will evolve to SCORE. We biggest SWIFT customers. I thought the most difficult part when you
were told that the contracts with okay, we could go to SWIFT and we handle a SWIFT project is to
MA-CUGs would be a tremendous could say: ‘We have 120 million calculate the quantitative return on
thing to handle, but it turned out postings, we can use Tier 1.’ And investment. I will give you an
to be reasonable. then I wondered how many example from one of SWIFT’s


Roundtable

“SAP hasn’t offered any
middleware for SWIFT
connectivity so far. The problem
is we have the information in
SAP and we are not able to send
it out of SAP directly to a bank or
directly over SWIFT to a bank.”

Andreas Elberg,
treasury & relationship management,
cash management, T-Mobile
International (Europe and USA), Bonn

customers which is already live. Hawser: Looking ahead, will SWIFT pays close attention to their
Arcelor declared that once it was on corporates have more say requirements.
SWIFT, the average of the money it within SWIFT?
borrowed decreased by USD 10 Hawser: What about corporate-to-
million per bank. Why? Because it Rizzi: Since 2001, when MA-CUGs corporate connectivity on SWIFT?
had a much better view of where its first came to the market, corporates
cash was. Every corporate will have have been a priority for SWIFT. The Rizzi: Corporate-to-corporate traffic is
the creativity to evaluate the ROI of reason is simple. SWIFT is a co- not allowed over the SWIFT network.
SWIFT according to its environment. operative. That means the more the I think that rather than corporate-to-
network is used, the less it will cost. corporate, what is going to be very
It depends on the number of For SWIFT it is more a matter of useful for SWIFT is to explore new
countries you run operations in and reach, rather than of revenues. landscapes in corporate-to-bank, let’s
how automated you are. Certain say financial flows like trade services,
corporates for instance can establish We have governance structures at the for instance. This is where corporates
the quantitative benefit of joining national level in order to ensure that will really benefit from new solutions.
SWIFT because they have an each user, including corporates, can We do want to focus our resources
enormous number of daily treasury, provide feedback and influence the on the corporate-to-bank field where
currency and FX deals that need to SWIFT strategy. Today we have a a lot of value can be created for both
be confirmed. limited number of corporates yet corporates and banks. / /

“We intend to standardise as
much as possible everything
concerning the contract, the kind
of messages and the way to
exchange messages between
corporates and banks within
SCORE.”

Matteo Rizzi,
senior business manager, corporate
connectivity, Continental Europe,
SWIFT


With around 960 branch offices and 29,000 full-time staff, the Dresdner Bank Group is active
in over 50 countries. In terms of assets and the number of customers, Dresdner Bank is one
of the leading banking groups in Europe. Since July 2001, Dresdner Bank has been part of
the Allianz Group as the centre of competence for banking.

The Corporate Banking division offers its customers an on-the-spot support organisation plus
the capital market expertise of Dresdner Kleinwort. The service portfolio ranges from
transaction banking and international business via conventional loans to treasury and
securities, corporate finance and insurance products.

Cash Management is key to ensuring your firm's liquidity. We help you to manage your cash
with tailor-made solutions relating to account management and payment transactions that
include an extensive range of international services. You can therefore rely on our expertise
in analysing and optimising internal and external processes in areas closely related to pay-
ment flows. We can also help you to ensure liquidity within the firm and provide you
with the tools for an individualised cash management.

Whether SWIFT Corporate Access, Virtual Accounts, Payment Factory, Direct Debit Service
or sophisticated pooling structures like Margin Compensation, whatever topic you address;
we have the solution for you!

Contacts

Manfred Fleckenstein
Head of Global Cash Management
Phone: + 49 69 263-69298
Fax: + 49 69 263-60009
E-mail: Manfred.Fleckenstein@Dresdner-Bank.com

Dirk Braun
Assistant Vice President / Advisory Cash Management
Phone: + 49 69 263-63739
Fax: + 49 69 263-60009
E-mail: Dirk.Braun@Dresdner-Bank.com

Berit Walter
Vice President / Advisory Cash Management
Phone: + 49 69 263-60093
Fax: + 49 69 263-60009
E-mail: Berit.Walter@Dresdner-Bank.com

Dresdner Bank AG
Corporate Banking
Cash Management
Jürgen-Ponto-Platz 1
D-60301 Frankfurt am Main
Germany

What does STP mean to you –
Stress, Trouble & Pain or
Straight Through Processing?
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Financial i: Roundtable Corporate SWIFT Access

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