Visit www.swift.com for more information about SWIFT and its portfolio. Daily news from SWIFT at Sibos ISSUE 4 • WEDNESDAY A t Sibos last year, Mike Fish, CIO, SWIFT described the three key priorities for the cooperative’s information technology as continued operational excellence, smooth delivery of major new projects, and cyber security. Since then, there has been no deviation from those priorities. Nevertheless, says Fish, “To make us more resilient and secure, we’ve adopted many technologies on the cutting edge.” He offers the example of SWIFT’s deployment of hardware security modules (HSMs) – digital keys used for authen- tication. “We were probably the first major financial infrastructure to adopt widespread use of HSMs,” he says. “HSMs offer perhaps the most iron-clad way of ensuring integrity of a message when it leaves the customer site and they’ve now become the gold standard.” SWIFT’s successfully completed distributed architecture programme and its ongoing FIN renewal programme are further examples of resilience and innovation working in tandem. Under its distributed architecture programme, SWIFT introduced two processing zones, the European zone and the Trans-Atlantic zone, with separate operating centres storing the message traffic for each zone. This architecture has allowed SWIFT to increase processing capacity, as well as enhance resilience and security. SWIFT is also well into a four-year initiative to renew what Fish calls the “crown jewel” of SWIFT – its FIN messaging platform – in a way that will strengthen SWIFT’s operational excellence without disrupting customer message flows. Technology Forum A strong focus on resilience and security notwithstanding, Fish says that, with appropriate safeguards, SWIFT is able to engage fruitfully with technological developments of the kind discussed at this year’s Sibos Technology Forum. The Forum that took place on Monday and Tuesday provided an opportunity for IT professionals to discuss the impact of issues such as big data and cloud computing on their operations. “There is no precise definition of big data,” says Fish, “but typically the term refers to data sets that are not only very large, but also complex and unstructured.” He points out that SWIFT traffic data sets, Intelligent innovation SWIFT CIO Mike Fish believes that SWIFT’s critical importance to financial infrastructure is no bar to mastering the latest technologies. Cloud – Enabling a win-win framework Page 4 Corporate Forum Working in tandem Page 4 To make us more resilient and secure, we’ve adopted many technologies on the cutting edge. Mike Fish, SWIFT continued on page 2
Transcript
Visit www.swift.com for more information about SWIFT and its portfolio.
Daily news from SWIFT at Sibos ISSUE 4 • WEDNESDAY
At Sibos last year, Mike Fish, CIO, SWIFT described the three key priorities for the cooperative’s information technology as
continued operational excellence, smooth delivery of major new projects, and cyber security. Since then, there has been no deviation from those priorities. Nevertheless, says Fish, “To make us more resilient and secure, we’ve adopted many technologies on the cutting edge.”
He offers the example of SWIFT’s deployment of hardware security modules (HSMs) – digital keys used for authen-tication. “We were probably the first major financial infrastructure to adopt widespread use of HSMs,” he says.
“HSMs offer perhaps the most iron-clad way of ensuring integrity of a message when it leaves the customer site and they’ve now become the gold standard.”
SWIFT’s successfully completed distributed architecture programme and
its ongoing FIN renewal programme are further examples of resilience and innovation working in tandem. Under its distributed architecture programme, SWIFT introduced two processing zones, the European zone and the Trans-Atlantic zone, with separate operating centres storing the message traffic for each zone. This architecture has allowed SWIFT to increase processing capacity, as well as enhance resilience and security.
SWIFT is also well into a four-year initiative to renew what Fish calls the “crown jewel” of SWIFT – its FIN messaging platform – in a way that will strengthen SWIFT’s operational excellence without disrupting customer message flows.
Technology ForumA strong focus on resilience and security notwithstanding, Fish says that, with appropriate safeguards, SWIFT is able to engage fruitfully with technological developments of the kind discussed at this year’s Sibos Technology Forum. The Forum that took place on Monday and Tuesday provided an opportunity for IT professionals to discuss the impact of issues such as big data and cloud computing on their operations.
“There is no precise definition of big data,” says Fish, “but typically the term refers to data sets that are not only very large, but also complex and unstructured.” He points out that SWIFT traffic data sets,
Intelligent innovationSWIFT CIO Mike Fish believes that SWIFT’s critical importance to financial infrastructure is no bar to mastering the latest technologies.
Cloud – Enabling a win-win frameworkPage 4
Corporate Forum Working in tandem Page 4
To make us more resilient and secure, we’ve adopted many technologies on the cutting edge.Mike Fish, SWIFT
continued on page 2
2 SWIFT at Sibos I Wednesday edition 2014
motivations. Krajowa Izba Rozliczeniowa (KIR), for example, was established in 1992 by the Polish banking community and Narodowy Bank Polski (the National Bank of Poland) to provide secure clearing services and to support the creation of a modern and innovative economy. Its EuroELIXIR system is a SEPA Credit Transfer Scheme Compliant ACH, allowing for the clearing of both domestic and cross-border euro payments using ISO 20022.
SWIFT is staging two Auditorium sessions which will feature ISO 20022: ‘Time for real-time payments’ and ‘ISO 20022 for high value payment systems’, both to be held on Wednesday. During these sessions, market infrastructures, including KIR, TARGET2 and EBA EURO1/STEP1, will share their experi-ences and outline the solutions they have implemented with SWIFT to accom-modate their requirements. The sessions will provide an invaluable opportunity for market infrastructures considering ISO 20022 to engage with both SWIFT and their own peers. □
New standards for market infrastructures In April, a new programme was launched at SWIFT to support the use of ISO 20022 among market infrastructures.
A growing number of market infrastructures around the world have implemented or have plans to adopt ISO 20022
messaging, including large infrastructures such as TARGET2, T2S, DTCC, CPA, JASDEC, ASX, SGX and RTGS India.
SWIFT is involved in many of these initia-tives as an advisor and service provider. “We are seeing a substantial increase in activity and planning around the adoption of ISO 20022 messaging, in particular by market infrastructures. Some of the key drivers are regulation, renewal of technology and globalisation,” says Patrik Neutjens, ISO 20022 programme director, SWIFT.
Infrastructures in all regions are looking at ISO 20022 for both payments and securities markets, says Neutjens. “The requirements are sometimes different as are the drivers,” he notes, “but they all go through the same logical process and require expertise and help in order to plan for the right solution.” SWIFT acts as the ISO 20022 Registration Authority and is the single largest contributor of ISO 20022 message definitions. In addition, it is a participant in all major market practice groups. As a result, says Neutjens, SWIFT has gathered in-depth ISO 20022 knowledge and expertise, which it is lever-aging to ensure that SWIFT’s portfolio of messaging services, interfaces, integration tools and services is ISO 20022-enabled.
“For many market infrastructure initia-tives, we are involved from day one,” Neutjens comments. Nevertheless, he stresses, “Communities decide when they want to adopt ISO 20022. SWIFT is not pushing for adoption or migration, but
is ready to serve communities who are making the move.”
In Europe much of this movement has been driven by SEPA and TARGET2-Se-curities (T2S), while high-value payment clearers TARGET2 and EBA EURO1/STEP1 are now also moving to ISO 20022.
There are also examples of individual market initiatives with more domestic
while large, are in fact highly structured. Using existing technologies, SWIFT is able to provide comprehensive insights to customers through its business intelli-gence offering. In addition, he suggests, big data could bring significant benefits to SWIFT’s own operations, particularly in the domain of security. “We have an array of firewalls and intrusion-detection systems running across our operations,” Fish explains. One use of big data for SWIFT would be to look across its various security implementations and mine the data for any correlations that might indicate an issue to be addressed.
Cloud technologies also continue to hold promise for the industry, but here, Fish highlights an important distinction between the concepts of public and private cloud. “I would never run our systemically critical messaging services in a public cloud,” says Fish, pointing out that such services offer ‘commodity’ levels of security and resilience that do not meet the needs of systemically important services like SWIFT messaging. “For us that’s a no-go,” he says. “However, a private cloud is a completely different situation. It’s your infrastructure and you can control how it is deployed and managed.” Indeed, SWIFT already
offers services through a community cloud, including connectivity and shared value-added services. “Banks trust those services because the SWIFT brand is behind them,” Fish says. He points out that SWIFT’s traditional messaging services have been ‘cloud-like’ for decades, but SWIFT strictly controls where the computers and operating systems are located.
“Our mission for the last 40 years has always centred on being one of the most secure and reliable infrastructures in the world, but the fact that we are extremely prudent doesn’t mean we can’t innovate,” he says. □
NSD chooses SWIFT for corporate actions project
NSD, the Russian central securities depository, has implemented a project with SWIFT’s assistance to leverage message standards to enhance corporate actions services in the Russian market. “Corporate actions reform is among the top-priority areas of NSD activity,” says Eddie Astanin, chairman of the executive board, NSD.
The main goal of the reform is to introduce electronic data interchange using ISO 15022 and ISO 20022 message standards and electronic voting for the processing of corporate actions by Russian issuers. “This is a large-scale project as it involves legislative changes and concerns not only NSD, but also issuers, registrars and clients of NSD as a CSD,” Astanin adds. “We are working in close cooperation with SWIFT on this project. The active use of SWIFT and international standards is one of the key priorities to improve NSD’s electronic data interchange processes.”
Patrick Neutjens, SWIFT
3SWIFT at Sibos I Wednesday edition 2014
A SWIFT Auditorium session this afternoon focuses on the business benefits of SWIFT’s Sanctions Screening and Sanctions Testing solutions.
Banks seeking a cost-effective transaction screening service, or desiring affirmation that their existing system works correctly,
can learn about solutions for both at the final Compliance Forum session today at 16:00.
The SWIFT Auditorium session on Sanctions Screening and Sanctions Testing will explore their use in meeting business imperatives such as model risk management and the need to manage correspondent relationships and ensure proper financial controls.
“Sanctions Screening and Sanctions Testing address the needs of different customer groups,” explains Nicolas Stuckens, head of sanctions compliance services, SWIFT. “Sanctions Screening was initially designed to help smaller
users comply with current sanctions requirements, while Sanctions Testing primarily addresses the need for larger institutions to manage the risks in their environments and enhance efficiencies in their processes.”
Two years after its introduction as the first solution in SWIFT’s financial crime compliance services portfolio, SWIFT’s Sanctions Screening has passed the 200-customer milestone. The shared service screens financial transactions against selected lists, providing small and medium-sized institutions with a reliable means of addressing their compliance with sanctions regulations. “SWIFT’s Sanctions Screening is easy to implement, user-friendly and cost-effective, enabling us to mitigate potential risks in our day-to-day
Sanctions Testing meanwhile is a secure, cloud-based application that provides up-to-date sanctions list infor-mation as well as customised test files and insight to help improve system perfor-mance. “It is no longer good enough for an institution simply to have controls in place, says Tony Wicks, head of product at Omnicision, the financial crime compliance solutions provider recently acquired by SWIFT. “We’ve seen increased pressure from regulators for institutions to demon-strate that their controls adequately meet regulatory needs. Sanctions Testing allows you to check that effectiveness and enhance the efficiency of your systems.” □
Actionable insights Compliance Analytics is a new service allowing banks to review their activity and detect potential high-risk events.
In recent years, banks have spent huge sums in getting to grips with the ever- increasing challenges of complying with regulations aimed at preventing
financial crime. Compliance Analytics is a new service that leverages customers’ own SWIFT message traffic to help identify potential areas of risk. It enables banks to detect possible anomalies in behaviour, unusual patterns or trends, hidden relation-ships, and consistently high levels of activity with high-risk countries and entities.
“Banks often face the challenge of maintaining a global view of their transaction activity while lacking one central database holding all the information gathered in regional hubs,” Brigitte De Wilde, head of financial crime intelligence, SWIFT, explains. “Information is fragmented and non-standardised, and consolidating that information at an enterprise level is very costly and time-consuming.”
With the bulk of cross-border messages going through the SWIFT network, standardisation of traffic data enables banks to form an accurate, global view across their organisation.
“Compliance Analytics enables banks to analyse their existing SWIFT traffic data to detect spikes, outliers or possible policy breaches,” says De Wilde. “The ultimate decision-making responsibility remains with the banks; we give them the tools to find the proverbial needle in a haystack.”
Compliance Analytics compares each institution’s aggregated SWIFT message traffic with total SWIFT traffic for predefined countries and transaction types or with aggregated traffic from a set of peers, allowing the bank to set alert parameters for spikes, outliers or policy breaches. “It is primarily an internal
Easing compliance pressures
control tool to better manage your own counterparties and remote entities and take a more proactive approach to risk management,” says De Wilde.
An auditorium session on Tuesday afternoon explained the workings of the tool. “We gave attendees an overview of the journey we have gone through and demonstrated that the insights gained are actionable,” De Wilde added. □
We give banks the tools to find the proverbial needle in a haystack.Brigitte De Wilde, SWIFT
See the Compliance Analytics video running on the SWIFT stand.
4 SWIFT at Sibos I Wednesday edition 2014
Enabling a win-win frameworkAn Auditorium session on Wednesday will discuss cloud services, including Alliance Lite2, SWIFT’s cloud-based connection to its network and services.
For corporates with multiple banking relationships, stream-lining communication with their providers is a growing priority. As
a result, an increasing number of application providers are offering cash management and treasury solutions to facilitate multi-bank communications. “Those applications are increasingly provided as services in the cloud,” says Sebastian Rojas, cloud market manager, SWIFT.
Rojas identifies two different tendencies in cloud services. One is a ‘proprietary’ solution where a corporate works with a cloud provider who intermediates the process end-to-end from ERP integration to the bank relationship. In the second model, the corporate retains the control and can decide the different components and banking partners of their treasury solution.
“Alliance Lite2 is designed for the latter case,” says Rojas. “Application providers can combine the value of their applications
with out-of-the-box SWIFT connectivity. For end-customers, this means global bank reach, rapid implementation and secure financial communications.
Application providers can also offer additional SWIFT products and services, such as 3SKey, our authentication solution to secure the internet connection between the client and the application, or our reference data suite.”
“Today’s SWIFT Auditorium session will focus on a hot industry topic: how the cloud can provide a win-win solution for all – banks, corporates and application providers,” says Rojas.
The financial crisis has put the spotlight on the strategic role of CFOs and treasurers and the importance of working with multiple banking partners. “I see a similar evolution in the vendor space,” says Rojas, “where corporates will be able to decide who they want to deal with rather than having their application
provider make that decision for them.”Jane Cooper, technology and trans-
action banking editor at The Banker, will lead the discussion about cloud technol-ogies and their impact on the corporate market. The panel will feature Charles Henry Dubarry de Lassale, head of corporate innovation & solutions, global payments and cash management, HSBC; Jörgen Holmgren, director, finance, at Volvo; Martin Bellin, managing director, BELLIN; and Sebastian Rojas, cloud market manager, SWIFT. □
Working in tandemThe SWIFT Auditorium will host a number of sessions on Wednesday and Thursday as part of the Corporate Forum. They will focus on practical options that SWIFT provides to meet the needs of banks and their corporate customers.
The Corporate Forum at Sibos provides an opportunity for banks and corporates to explore together the challenges and
opportunities in streamlining the messaging flows that underpin their commercial relationships. “Banks want to do more business with their corporate clients over SWIFT and we have a range of tools and product features to make this happen,” says André Casterman, global head corporate and supply chain markets, SWIFT.
The importance of the task will be stressed by corporate representatives, speaking in both the Corporate Forum
and the supporting SWIFT Auditorium sessions. Jayna Bundy, group manager, global treasury operations, Microsoft, for example, has to oversee 200 subsidiaries in 118 countries with a total of 1,300 bank accounts and over 85 global banking partners. She will be addressing the Forum this afternoon on the increasing impact of regulation on corporates.
Viacom meanwhile is using SWIFT to help ensure operational efficiency while implementing a new treasury management system. Brooke Tilton, director, treasury operations at Viacom, will be speaking on the firm’s experience in this afternoon’s
session on ‘Banks and corporates – What still stands in the way?’ Her colleague Brian Harrison, international treasury manager, Viacom, will be taking part in the SWIFT Auditorium session on SWIFT for Corporates, immediately following.
Other Corporate Forum sessions in the SWIFT Auditorium include presentations on SWIFT community cloud services, SWIFTRef reference data offerings, the role of MyStandards in assisting with corporate onboarding, and the digiti-sation of trade finance. Trade processes are often manual and decentralised, preventing effective monitoring of credit lines, says Casterman, who will be joined by Jörgen Holmgren, director, finance, Volvo and Jacob Katsman, CEO, Global-Trade Corporation to explore alternatives.
“Over the course of these two days, we aim to ensure that all stakeholders are able to share information and experiences so that together we help meet corporates’ expectations of their financial services providers,” says Casterman. □
Banks want to do more business with their corporate clients over SWIFT and we have a range of tools and product features to make this happen.André Casterman, SWIFT
The cloud can provide a win-win solution for all – banks, corporates and application providers.Sebastian Rojas, SWIFT
5SWIFT at Sibos I Wednesday edition 2014
Murex and Vermeg choose SWIFT collateral management certification Centralised reporting of OTC derivatives introduced under EMIR and Dodd Frank, combined with other market pressures, has focused the attention of financial institutions on the need to manage daily collateral very efficiently.
SWIFT has recently introduced a collateral management certification programme for application providers. Called SWIFT Certified Application – Collateral Management, the certification helps users by guaranteeing the application is compliant with the relevant SWIFT qualification, connectivity and standards.
“Standardisation and automation are key to making collateral management more
efficient,” comments Guillaume Boland, senior market manager, marketing, SWIFT. “There is a clear opportunity for application providers to help financial institutions manage their collateral holdings more efficiently on a global scale and automate the communication between financial institutions.”
Murex and Vermeg are the first application providers to receive the SWIFT collateral management certification, paving the way to greater market harmonisation. They see standardisation as critical to meeting the challenges ahead and have chosen SWIFT certification for their services.
SWIFTRef APIs lighten the loadFor large corporates with suppliers around the globe, SWIFTRef APIs can help streamline and enhance payments processes.
SWIFTRef supports multiple delivery channels and formats for the distribution of its reference data, including online manual
look-up, file download, delivery over FileAct and a range of web services. SWIFTRef APIs, for example, are a query-response mechanism allowing software or appli-cations at the user’s site to query the SWIFTRef data repository directly and identify or validate the necessary reference data. “Based on customer feedback, we have just added eight new SWIFTRef APIs in addition to the four we started with,” says Anne-Sophie Walravens, go-to-market and communications manager for SWIFTRef at SWIFT (see box).
One enthusiastic user of the service is UPM–Kymmene, the giant Finnish pulp, paper and timber manufacturer. The firm processes several thousand payments a day, amounting to half a million payments per month. “We create approximately 500 new suppliers in our SAP system every month,” explains Kimmo Veistola, manager, cash management at UPM-Kymmene.
“Worldwide we have around 200,000 suppliers registered in our SAP system, 70,000 of which we work with actively.”
Until last year, says Veistola, the firm was very decentralised in its processes. UPM staff in each global location would create new ‘supplier-entries’ in the SAP system and validate the IBAN and related bank data themselves. “This generated a number of mistakes and double entries in our SAP system,” says Veistola’s colleague Tiina Seppänen, process expert, UPM.
To overcome these inefficiencies, UPM decided to set up a seven-strong team to handle supplier-entry requests centrally. Initially this central team relied on the SWIFT Online directory for manual look up of data, mainly to validate IBANs, but also to find national IDs. “It was an improvement to have these processes centralised, but we needed further automation,” says Seppänen. “It was at this point we decided to opt for SWIFTRef APIs and to buy SWIFTRef Bankers World Online.”
By automating, UPM hoped to reduce the workload of the central team and
reduce payment investigations and repairs. In addition, says Veistola, “We wanted to reduce the process life cycle between the requestor and the central team and so enhance payments STP.”
In October 2013, UPM implemented the SWIFTRef APIs for BIC and IBAN validation, using Bankers World Online primarily to deal with exceptions. “There has been a very clear workload reduction for the central team thanks to automation and higher data quality,” Veistola confirms. “The data quality has also reduced the turn-around time for payments, which is very important given the high volumes of payments we handle on a regular basis.” □
There has been a very clear workload reduction for the central team thanks to automation and higher data quality.Kimmo Veistola, UPM-Kymmene
SWIFTRef APIsFour existing SWIFTRef APIs let you:• Check BIC validity• Check IBAN validity• Get the BIC for an IBAN• Find out how to reach a BIC in SEPA
Four newly released SWIFTRef APIs will enable you to:• Get BIC details• Get the LEI for a BIC• Get the BIC for an LEI• Get SSIs for a BIC• Get BICs for a National ID• Get National IDs for a BIC• Check National ID validity• Get details for an IBAN
Left to right: Anyal Hozee, SWIFT; Rudolf Lorfing, Murex; Mireille Adebiyi, Murex; Frederic Alcaras, Murex; Hervé Valentin, SWIFT.
Left to right: Valerie Letellier, SWIFT; Christian Cure, Vermeg; Azza Lamine, Vermeg; Anyal Hozee, SWIFT.
6 SWIFT at Sibos I Wednesday edition 2014
SWIFT at Sibos picture gallery
Banco de Crédito del Perú chooses SWIFTRef’s Bankers World Online for full payments data
Banco de Crédito del Perú will get the benefits of SWIFTRef’s user-friendly website and flexible licensing. Left to right: Joanna Beer, SWIFT; Augusto Merkt, Banco De Crédito Del Perú; Andres Arredondo, Banco De Crédito Del Perú; John Taboada, SWIFT.
Euroclear supports client testing with MyStandards Readiness Portal
“Euroclear supports its clients throughout the journey to T2S and beyond, also when it comes to adopting a new standard. With the Readiness Portal, Euroclear will progressively offer clients access to early and precise validation and testing of their ISO 20022 and ISO 15022 messaging formats.” Edwin de Pauw, director, head of product management Europe, Euroclear.Left to right: Fabien Depasse, SWIFT; Edwin de Pauw, Euroclear; Astrid Coppens, SWIFT.
BNP Paribas engages with SWIFT Consulting Services to further fine-tune their SWIFT infrastructure in terms of total cost of ownership.
Left to right: Ferreol Thouzeau, BNP Paribas; Ahmad Abdallah, BNP Paribas; Katleen Claes, SWIFT; Matthieu Mercier, BNP Paribas; Pierre Debille, BNP Paribas; Pieter Apers, SWIFT; Jean-Loup Fabbro, SWIFT.
Central Bank of Uruguay collaborates with SWIFT to support the community
The Central Bank of Uruguay is leveraging SWIFT’s compliance solutions to better support the financial community in Uruguay.Left to right: Pablo Pintos Ruggeri, Banco Central Del Uruguay; Christina Hutchinson, SWIFT.
China Merchant Bank renews Business Intelligence Watch services
ICBC has renewed its Business Intelligence Watch services agreement and has jointly published a case study on its usage of the SWIFT Business Intelligence service.Left to right: Michael Cheung, SWIFT; Xi Huang, China Merchants Bank; Changcheng Qin, China Merchants Bank; Astrid Thorsen, SWIFT; Lulu Qi, China Merchants Bank.
7SWIFT at Sibos I Wednesday edition 2014
SWIFT at Sibos picture gallery
Asian Development Bank migrates Alliance Access infrastructure to Linux
The Asian Development Bank (ADB) has migrated its SWIFT application platform to the Linux operating system, resulting in higher efficiency and more cost-effective performance.Left to right: Zelda Anthony, SWIFT; Giuseppe Maggiore, Asian Development Bank; Luz Garcia, Asian Development Bank; Anand Bindumadhavan, SWIFT.
BNP Paribas Cash Management is delighted to renew its partnership with SWIFT to distribute its 3SKey digital identity solution
Security is at the core of the BNP Paribas Cash Management proposition. BNP Paribas has been a key advocate of the 3SKey standard and is promoting its usage not just as a personal e-signature but also as an authentication solution for accessing French banking platforms. Now BNP Paribas is taking e-banking one step further by integrating 3SKey into online and host-to-host worldwide EBAM solutions.Left to right: Christoph Albers, SWIFT; Stephane De La Fouchardiere, BNP Paribas; Stephanie Niemi, BNP Paribas; Saskia Devolder, SWIFT; Jean-Loup Fabbro, SWIFT.
Nordea is set to reap full benefits of SWIFTRef’s new Bankers World Online service
Nordea is to register 100 concurrent users for SWIFTRef’s Bankers World Online service, as well as integrating several SWIFTRef file directories. “Offering continous access to a wealth of detailed reference data and financial information to our staff is paramount for customer satisfaction and regulatory compliance,” says Rune Olofsson, Global Payment Services & Infrastructure, Nordea Bank, Finland. Left to right: Erica Ahman, SWIFT; Rune Olofsson, Nordea Bank AB; Zorica Srbinova, SWIFT.
Fifth Third Bank leverages SWIFTRef for operational efficiency
Left to right: Joanna Beer, SWIFT; Peter Loeffler, Fifth Third Bank; Peter Mack, Fifth Third Bank; Jane Karasik, SWIFT.
Fifth Third Bank partners with SWIFT on Business Intelligence products for payments
Left to right: Chetan Cariappa, SWIFT; Peter Loeffler, Fifth Third Bank; Peter Mack, Fifth Third Bank; Jane Karasik, SWIFT.
8 SWIFT at Sibos I Wednesday edition 2014
SWIFT at Sibos picture gallery
Standard Chartered signs up for MyStandards and MyStandards Readiness Portal to streamline its corporate customer onboarding
Standard Chartered sees the importance of enhancing the onboarding experience for its customers, and became one of the first banks in the emerging markets to adopt MyStandards and the Readiness Portal for its corporate customers. With MyStandards, SCB can now provide simple, straightforward and timely implementation for new customers, and establish stronger and more collaborative relationships. “Many of our clients tell us that they want bank agnostic solutions and we are committed to be the leading provider for this in Asia, Africa and Middle East,” says Gautam Jain, managing director, global head of client access, transaction banking, Standard Chartered Bank. “We continue to look at ways to accelerate adoption of multi-bank solutions through active participation in shaping SWIFT for Corporates and playing a leading role in setting market practices for ISO 20022. We believe that SWIFT MyStandards acts as a key enabler for the multi-banked corporates. Having been an early adopter of MyStandards for Securities Services, we are now thrilled to extend this platform to our corporate clients to improve transparency on our payment formats and enrich their integration experience.” Left to right: Zelda Anthony, SWIFT; Gautam Jain, Standard Chartered; Marc Delbaere, SWIFT.
SWIFT and Indian Banking Association delegation look forward to start of joint-venture domestic service in India
SWIFT India, SWIFT’s joint venture with the local banking community, is set to go live by the end of this year with its domestic messaging services for banks, corporates and market infrastructures across payments, cash management, treasury and trade finance. The initiative will further the inclusive and sustainable growth of India’s economy and is fully supported by the Indian Banking Association delegation and the local community.
Swiss National Bank opts for SWIFTRef Bankers World Online
Swiss National Bank is relying on the quality, worldwide coverage of SWIFTRef’s reference data to ensure the highest levels of payments straight-through processing.Left to right: Raffaele Esposito, SWIFT; Denise Tischhauser-Straehl, Schweizerische National Bank.
Absa Bank adopts MyStandards
Left to right: Judi Smit, Absa Bank Limited; Hugo Smit, SWIFT; Sean Mouton, Absa Bank Limited.
9SWIFT at Sibos I Wednesday edition 2014
SWIFT at Sibos picture gallery
Groupe BPCE confirms the benefits of a central reference data source and adopts SWIFTRef’s Bankers World Online
“SWIFTRef gives us real-time access to all the reference data we need on financial institutions and corporates. Bankers World Online provides a strategic query tool for our back offices while the download portal offers a unique and central access point for all SWIFTRef directories.” Alban Lecuir, Direction des Paiements Groupe BPCE.Left to right: Zorica Srbinova, SWIFT; Alban Lecuir, Groupe BPCE; Raphael Marek, SWIFT.
J.P. Morgan signs for global licence of MyStandards and Readiness Portal
J.P. Morgan, already a user of MyStandards to enhance its service to corporate customers, has extended MyStandards to other lines of business including the Readiness Portal to enable faster client onboarding.Left to right: Scott Florio, SWIFT; Robert J. Blair, J.P. Morgan; Marc Delbaere, SWIFT; Diane Valcic, SWIFT; Theodore Rothschild, J.P. Morgan.
J.P. Morgan extends its SWIFTRef data usage with new MT 094 Online service
SWIFT broadcast messages typically contain critical news about organisational and SSI changes at counterparties. SWIFTRef’s new broadcast service, MT 094 Online, offers any-time consultation of all broadcasts since 2009. J.P. Morgan has signed up for the new service, which emails an easy-to-distribute overview of all previous-day broadcasts at the start of each day. Left to right: Joanna Beer, SWIFT; Theodore Rothschild, J.P. Morgan; Robert J. Blair, J.P. Morgan; Diane Valcic, SWIFT; Scott Florio, SWIFT.
Tradewiz’s Tr8Star awarded SWIFT Certified Applications Supply Chain Finance label for 2014
Left to right: Anyal Hozee, SWIFT; Leon Kloeg, Tradewiz; Jacco De Jong, TradeWiz; André Casterman, SWIFT.
10 SWIFT at Sibos I Wednesday edition 2014
collateral management,” he says. “We’re seeing collateral management messaging growing exponentially as firms need to automate this for compliance as well as efficiency reasons.”
For smaller investment management firms, Alliance Lite2 is a very cost-effective way to get the benefits of SWIFT connec-tivity. “SWIFT membership really offers wrap-around value,” says Lancaster. “For example, investment managers also make payments and need to do sanctions screening. SWIFT is able to be a strategic
SWIFT is holding its inaugural Investment Manager Forum in Boston today with sessions exploring the challenges of
regulation, processing efficiency and innovation. Both time and the place are right, according to Brett Lancaster, managing director, securities for the Americas at SWIFT. “As SWIFT considers its strategy for 2015-2020, we’re taking the opportunity to deepen our dialogue with the buy-side here at Sibos in Boston, the heartland of the US investment management community,” he explains.
Securities messages today represent approximately 50 percent of total traffic over SWIFT, with custodian activity dominating. At the same time, securities markets participants are dealing with regulatory challenges and a squeeze on margins; forces which are set to be trans-formational across the industry.
There are many ways SWIFT can do more to help both the larger and smaller asset management firms meet these challenges, according to Lancaster. “Traditionally, we help with settlement and reconciliation, but beyond those important services, we can also help firms reduce manual work and lower their operational costs by standard-ising and automating corporate actions and
partner for the buy-side as we offer critical connectivity to the entire sell-side community,” he says.
SWIFT has also announced the intro-duction of Watch for Securities, a new business intelligence solution that will help securities market participants to monitor and gain valuable business insights from their network traffic. The new service is expected to go live in Q1 2015 with an early adopter programme planned for the end of 2014 (see Tuesday, page 6). □
Deepening the dialogue with investment managers Right time, right place for SWIFT’s inaugural Investment Manager Forum.
We’re taking the opportunity to deepen our dialogue with the buy-side here at Sibos in Boston, the heartland of the US investment management community.Brett Lancaster, SWIFT
Are you being SWIFT Smart?Participants in SWIFT Auditorium sessions will benefit from a visit to the SWIFT stand to find out how to optimise their use of SWIFT’s product portfolio.
Consulting, training and opera-tional support services have been available separately from SWIFT for some time. Over the
past few years, however, SWIFT has been working on bringing them together as one services offering. “The customer is our starting point rather than each individual product,” explains Dana Brants, head of
services marketing, at SWIFT. “It is actually by talking and consulting with customers that we can get a good grasp of the most appropriate solution for the issues they are trying to solve.”
The answer is often a combination of a particular product and a set of accom-panying services to help optimise its use. “We try to guide customers in the
challenges they face,” says Brants. One of these is product implementation. “What we are finding is that even if a particular application is easy to use, if you want to reap the full benefits, there is an education process, not only for the customer, but also for SWIFT,” she says. “The more usage we can enable on a community platform, the more valuable the tool becomes, both for those who have bought it and for the community at large.”
For existing customers, says Brants, SWIFT can apply its unique knowledge of its own infrastructure and the SWIFT platform, along with insights gained from the industry, to assess the relative efficacy of a particular customer’s deployment of a SWIFT product. “We can help benchmark where they are versus the industry, standards being one of the key areas where such insight can prove invaluable. Our aim is to help our customers become more ‘SWIFT Smart’. □
The more usage we can enable on a community platform, the more valuable the tool becomes, both for those who have bought it and for the community at large.Dana Brants, SWIFT
S E RV I N G Y O U R N E E D S W I T H T H E M O S T PROFICIENT AND RELIABLE BANKING AND BROKERAGE SOLUTIONS
T O D AY ’ S C O N F E R E N C E S : J O I N U S
C O R P O R AT E T R A N S A C T I O N B A N K I N G W I T H PA S C A L A U G ÉH E A D O F G L O B A L T R A N S A C T I O N & P A Y M E N T S E R V I C E S
09:00 - 09:45: Hope is in sight: tackling the Know Your Customer challenge with the SWIFT KYC Registry
10:00 - 10:45: Time for real-time payments
12:00 - 12:45: SWIFT community cloud services - enabling a win-win framework
14:00 - 14:45: SWIFT for ISO 20022 high-value payment systems
15:00 - 15:45: SWIFT for Corporates - Driving the shift from operational to strategic treasury focus
16:00 - 16:45: Strengthen sanctions compliance with SWIFT’s Sanctions Screening and Sanctions Testing services
today in the SWIFT Auditorium
#SWIFT at Sibos
Dana Brants @DanaBrants#swiftcommunity stf briefing #sibos around the wishing well! Don’t forget to drop your coin!
Peter Hinssen @hinssenCraziest session ever @Innotribe @Sibos building a wirearchy :-) Hierachies are dead forever :-)
Standards Forum @standardsforumIndia is adopting #iso20022 - audience is impressed by sharp deadlines #sibos #sfsibos
Kim Broomell DeLia @Kimki01ISO 20022 shifts from, “whether and if to adopt, to how and when.” @swiftcommunity @Sibos #sibos2014
FTF @FTFnews@ugenegod & @chrisgchurch, Chief Executive of @swiftcommunity Americas sit down for an interview for @FTFnews @Sibos
Visit the Innotribe stand for the latest scheduling information
today at Innotribe Don’t miss the 2014 Innotribe Startup Challenge Grand Finale this afternoon.
Watch and vote on our 15 finalists. The Startup Challenge Grand Finale will be followed by a reception – including the winner announcement – and is sponsored by HP, Invest Northern Ireland, Level 39, SAP and SWIFT.
