SWIFT is the acronym of the Society for Worldwide Interbank Financial Telecommunications, an organization headquartered in Belgium that has offices in all of the world’s major financial centers and is dedicated to furnishing security and reserve during commercial transactions.
According to its leaders, SWIFT is a neutral conveyor of financial messages from one country to another, and in no case does the company manages funds or accounts of its own clients, nor does it maintain their financial information. The neutrality that characterizes SWIFT allows it to be a catalyst for monetary transactions without becoming involved in any controversy that could emerge from said procedures.
SWIFT’s importance is extraordinary for the world of online bank transactions, because maintenance of security and speed in operations that are carried out from one bank system to another is essential these days. This is where SWIFT plays a fundamental role, because it is extended to more than 8300 banking international organizations and is present in more than 209 countries.
SWIFT asserts that it has two main objectives. The first is that of offering a communications platform for interconnecting the international monetary community, through cash transactions from one country to another. Among the countries that are members of SWIFT, the presence of a SWIFT code for a bank is considered to be a very strong reference for the credibility of that bank.
SWIFT’s second objective is to maintain a neutral position while linking financial institutions from different countries, in order to develop new models and paradigms that promote new international monetary practices and define the standards for those operations.
One of the most interesting decisions made by SWIFT was the launch, in 2008, of Alliance Lite, a mechanism that has simplified the interaction between clients and the company. Alliance Lite can be described as a USB connective device that allows the users to connect directly to the network, from a secure channel, without having to install any additional software on their computer.
The USB device has been well-accepted for various reasons, among which are:
- Easy technology such as the USB device, which functions with any Internet browser;
- It is a unique product that allows the interconnection of all areas involved in a business. Because Alliance Lite can be used by anyone anywhere, it contributes to SWIFT’s main purpose: furnishing a common platform for financial transactions. Alliance Lite connects companies, banks, fund distributors and investment managers. When Alliance Lite services are approved, it is immediately connected to the SWIFT network, which is present in more than 200 countries.
- It offers various functions for managing your transactions: Alliance Lite has several possibilities for efficiently managing financial transactions. The important thing is that you obtain your own SWIFT BIC code which is recognized as a standard bank code in all nations where SWIFT monetary transactions are allowed.
- Security: the fact that Alliance Lite is connected directly to the SWIT network is the proof that your financial transactions are supported by the SWIFT security system. In addition, there are other advantages that extend its security. For example, there is a protection hardware with a digital signature that registers sensitive actions through Alliance Lite. The “four-eyes” approval system ensures necessary controls before carrying out any financial transaction.
SWIFT offers Alliance Lite through two different payment methods:
- The first form of payment is a payment of 850 Euros per month, for a total of 4,000 monthly data transactions. Exceeding the limit of 4,000 transactions will carry an additional expense of 1 Euro per each additional transaction.
- The second form is a payment for using the system. There is the obligation of paying 200 Euros per month for accessing Lite’s services. One Euro will be debited for each element sent or received. When you decide to join Alliance Lite from SWIFT you receive a packet that includes 10 USB, a rapid use manual, an Alliance Lite user manual, training forms and other documents for better understanding Alliance Lite’s functions.