Swift opts for more vendor and bank integration

A range of product and service announcements during Sibos show Swift becoming ever more tightly integrated with customer and vendor systems.

In the case of the cloud-based corporate connectivity product, Alliance Lite2, Swift is allowing “selected” application providers to integrate it with their own business applications.

Alliance Lite2 provides a secure, cloud-based connection to the Swift network, avoiding the requirement for end-customers to host and maintain their own infrastructure. Application vendors can now integrate it to provide standardised connections to more than 10,500 institutions in 215 countries.

Juan Martinez, managing director, Swift Software Business and the SwiftLab, said: “After a very successful early adopter phase Swift has now expanded the benefits of Alliance Lite2 into the software application space. Application providers can combine the value of their applications with out-of-the-box Swift connectivity. For end customers this means the ability to reach more banks worldwide, rapid implementation and secure financial communications.”

Currently, nine software providers active in cash and treasury management have enabled 25 new corporates to connect to Swift using the new solution.

Illinois-based GTreasury was the first company in North America to be signed up by Swift, allowing it to integrate the connectivity with its cloud-based application suite.

Orazio Pater, chief operating officer of GTreasury, said: “Clients will be able to get to the root of their information and not have to worry about the technology providers. They will be able to rely on a single source for data transmission, storage and translation services.”

With both systems being cloud-based, customers will not need to install or maintain any extensive software or hardware at their site. Since GTreasury is not a service bureau, but a dedicated treasury solution, users will be able to eliminate IT needs and access their information hassle free.”

Swift also has been working with banks to integrate the MyStandards product into bank systems in areas such as onboarding.

Deutsche Bank announced yesterday at Sibos that it is taking this a stage further and plans to make MyStandards available as part of its Autobahn App Market by before the end of the year. Deutsche has been using MyStandards to streamline the way that it maintains and implements standards and to improve client interaction on standards-related communication.

David Watson, global head of client access products and regional head of product management Americas, Global Transaction Banking at Deutsche Bank said: “Our clients will be able to easily access and process MyStandards, as well as select bank-wide services according to their individual requirements via the Autobahn App Market. Client-centricity is key to our product strategy and cooperating with providers like Swift allows us to further tailor our MyStandards offering to our clients’ needs.”

Marc Delbaere, head of MyStandards at Swift said: “We are committed to making it as easy as possible for users to integrate the MyStandards platform into their day to day processes. Integration with the industry’s major platforms is probably the most efficient path towards full industry adoption of MyStandards.”