SWIFT has launched a correspondent banking suite to offer unique cost-effective solution for banks to access its network while enhancing security and efficiency of banking operations.
The banking suite provides banks a direct link to the SWIFT network through Alliance Lite2, a cloud-based interface managed and operated by the interbank messaging service.
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The news platform consists of SWIFT‘s correspondent banking services like KYC registry, sanctions screening, name screening, daily validation reports, bankers world online and bi network management, cloud based e-learning platform SWIFTSmart and end-to-end payments tracking (will be available from 2018).
Correspondent banking suite consists three packs – Basic Pack, Compliance Pack and Business Data Pack – which can be combined to meet requirements of banks.
SWIFT cloud services head Sophie Racquet said: “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.”
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By GlobalData
