What to look for in a SWIFT Service Bureau

February 13, 2023

Financial institutions and corporations are challenged every day by a complex lack of visibility and connectivity issues – not to mention the effort of managing multiple relationships and their associated costs plus license fees. Other challenges include meeting constantly evolving regulatory compliance requirements and a cumbersome audit process.

And let’s not forget the costs of on-premises SWIFT operations.

Perhaps you are already considering streamlining your bank connectivity. If you can streamline your connectivity processes, you can simplify your operations and refocus on your core business and free up some much-needed resources.

Outsourcing your connectivity and administrative requirements as a service is a valuable step toward lowering your total cost of ownership and operational costs compared to continuing to use an on-premises solution. The right managed services solution can simplify your operations and handle the entire relationship for any SWIFT member bank, from administration to onboarding.

An “as a service” solution can greatly reduce – if not eliminate – your on-premises operational costs and the headaches associated with them. It also relieves the reliability and security concerns that are difficult to manage on your own. Your managed services provider should operate in a secure data facility with disaster recovery, full redundancy, backup and real-time data replication.

There are many advantages of an “as a service” solution including:

  • Direct connections with SWIFT service bureaus located in both the U.S. and Europe
  • Compliance with SWIFT’s mandatory migration to ISO20022 message format
  • Faster interfaces with your new banking partners without needing additional time and resources
  • Data transformation and normalization for payments and statements
  • Integrated and automated processing and delivery of messages and files including banking, ERP, treasury and payments systems
  • Automated statement collection service for corporates using the service bureau’s BIC
  • Greater visibility and control of cash and all financial transactions

The right solution will also provide financial institutions with the ability to provide banking services (SWIFT gpi corporate services over SWIFT and OFAC screening services) to clients, and corporations can consume these services while reducing risk and increasing efficiencies related to messaging with banks.

FIS® Swift Services (formerly Managed Bank Connectivity) is a secure SaaS-based connectivity solution and comprehensive bank communications channel. It securely connects you with your global banking partners through direct or indirect connectivity, which includes SWIFT and other exchanges or networks. And it enables access to all of SWIFT’s global network services over FIN, FINplus and FileAct including the SWIFT gpi service.

Learn more today

About the Author
Irena Buxdorf, Sr. Director, Product Management, FIS
Irena BuxdorfSr. Director, Product Management, FIS

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