SWIFT has launched Correspondent Banking Suite, a unique solution for banks looking for a profitable access to SWIFT when they are increasing the efficiency and security of their correspondent activities. The small and medium sized banks are facing the double need of minimizing operational expenses and maintaining their SWIFT infrastructure up to date in terms of technology and security.. Add to that the evolution of regulatory requirements and the challenges created by cybersecurity, which makes knowing their correspondents in depth essential for the banks.
To facilitate the correspondent bank’s efficiency, security and profitability, the banks need to be able to follow-up on payments, guarantee efficient processing of payments, defend themselves from cyberattacks and financial crimes, and access necessary data for carrying out an integral analysis.
The Correspondent Banking Suite solution offers banks a direct and profitable access to the SWIFT network through Alliance Lite2, a solution on the Cloud, standardized and managed by SWIFT. Alliance Lite2 combines the benefits of SWIFT with the additional value of solutions on the Cloud: less impact and greater speed with implementation.
The solution is offered as a whole with the best SWIFT products and services for correspondent banks, including:
- KYC Registry: platform sharing for managing and exchanging standardized data on the subject of Know Your Customer (KYC)
- Sanctions Screening: tool for filtering entering and exiting messages against the latest lists of sanctions
- Name Screening: tool for online filtering of names against lists of sanctions, PEP and private listings
- Daily Validation Report: tool for monitoring and conciliating SWIFT transactions.
- Bankers World Online and BI Network Management: tool that supplies correspondent traffic and payment referral data
- SWIFTSmart: platform for e-learning on the Cloud
- Subscription to gpi Tracker: Tracker for carrying out end to end payment follow-ups.
Correspondent Banking Suite is composed of three packs that can be combined to satisfy the specific needs of each entity – Basic Pack, Compliance Pack and Business Data Pack.