The increasingly global nature of financial transactions has significantly increased the number and complexity of banking and corporate organization connections. This implies integrating with a large number of bank communication channels and interfaces. As a result, it has become cumbersome to manage and deal with the operational burden, security, technical maintenance, and software updates for regulatory compliance.
How are business entities and financial institutions going to quench the thirst for unparalleled safety and speed for connections worldwide? To be more precise, implement the highest industry standards and infrastructure checks and upgrades to suffice the regulation requirements?
Unparalleled Safety and Speed Globally
That’s where SWIFT plays the role: A gigantic network that connects financial institutions globally via the most secure, safe, reliable messaging systems. It paves the way for the financial institutions to achieve the lowest operating infrastructure’s highest operating infrastructure within compliance with the highest security standard. After all, it requires a reliable, secure, and robust partner to rely on for international and domestic payments.
It has been estimated that more than 2,000 corporates, 11000 financial institutions, and other financial entities use SWIFT services in order to exchange standardized financial messages for over 40 years. Payments, Market Infrastructure, and FX/Treasury are some of the SWIFT financial messaging capabilities. This SWIFT connectivity help corporates and financial institutions in different ways.
Let’s say the SWIFT connectivity grants business organizations simplified and reliable access to their financial data using ISO20022 and MT format messages. In fact, it offers advantages like FX confirmation, receiving reports of intraday balances, and much more.
On the other hand, the SWIFT infrastructure connection provides banks with the leverage to exchange messages in the format of ISO 20022 and MT with its business customers in order to make the connection store and secure.
SWIFT Service Bureau
The Shared Infrastructure Programme has a SWIFT Service Bureau certification plan. This program governs a relationship between the Service Bureaux, SWIFT, and the end-user of a Service Bureau and sets out the eligibility criteria for certification, admission, roles and responsibilities, legal, financial, and operational requirements.
ECS Fin SWIFT Service Bureau
As one of America’s North Service bureaus, ECS Fin SWIFT Service Bureau provides connectivity with an alternative and cost-effective solution to join the SWIFT network. Customers can outsource requirements for a fully managed connection and platform.
The majority of the corporates select SWIFT-Certified Service Bureau services for obvious reasons to connect to the SWIFT network. SWIFT Service Bureau guarantees reliability, safety, and quality work for its customers.
ECS also provides a single interface for simple end-to-end connectivity between banks, securities, and corporates. The interface is SWIFT Gold Certified and offers comprehensive message administration, application integration, message validation, and automation of complex payment and security processing workflows. Benefits include:
- Enhanced Direct Processing (STP)
- Minimize maintenance costs
- No requirement for an independent infrastructure
- No need to appoint highly qualified SWIFT specialists
- Migration from other platforms is simple
- Full visibility for your cash and payments for effective liquidity management.
- Translation of files or messages from any format to any format.
As a matter of fact, maintaining SWIFT expertise and SIP compliance is essential than ever, just like the ISO 20022 migration messaging standard. Working with a Certified SWIFT Bureau, ECS Fin will help banks and corporates to have a thorough understanding of the complete payments and bank communications landscape.
We offer the privilege of SWIFT membership for Banks, Financial Institutions, Corporations, and Capital Firms. The ECS connectivity service allows our clients to connect to the SWIFT network without the burden of knowledge and support of SWIFT certifications. ECS provides an all-inclusive service to make the SWIFT experience completely transparent and successful. ECS offers different connection schemes, according to the requirements and needs of our clients, among which are:
- Complete Service Bureau connectivity service: It means that customers do not require any installation or knowledge on the part of the SWIFT network. We are offering an advantage that helps to leverage ECS infrastructure and our team’s knowledge to commence operations.
- Mixed Service Bureau: If a client already has the SAA infrastructure in their facilities but doesn’t have security benefit. This service can help them to take advantage of the ECS infrastructure and security for connectivity with the SWIFT network.
- Hosting Service Bureau: A complete package for the SWIFT infrastructure.
The Journey Ahead!
ECS Fin has a qualified and professional talent pool that can provide complete connectivity service to the SWIFT network for banks, corporations, and investment firms worldwide. We also offer flexibility to choose any service from hybrid or hosting2host, API, or bank hub.
ECS Fin’s SSB is embedded with SWIFT connectivity and has the most sophisticated /comprehensive approach to financial messaging and supports built-in functionality for data validation, duplicate checks, compliance checks, and AML filters and with back-office systems.
Want to learn how ECS Fin can help you manage your SWIFT connectivity and more? Contact us today!