SWIFT secure financial messaging services Key Facts and Information

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SWIFT Secure Financial Messaging Services Key
facts and information
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What is SWIFT ?
SWIFT is the Society for Worldwide Interbank
Financial Telecommunication.

• SWIFT enables financial institutions throughout
  the world to send and receive information about
  financial transactions in a secure, standardised
  and reliable environment.
• Member-owned cooperative.
• Headquartered in Belgium
• One of the largest financial messaging systems in
  the world.
• Over 40 years old
•  

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SWIFT 40 years and going strong
  In 1973, banks created SWIFT. Their aim was to
provide 1) A shared worldwide data processing
and communications link. 2) A common language for
international financial transactions. SWIFT
began with 239 banks on board. It is now a vast
global network More than 10,000 organisations in
212 countries now use SWIFT to exchange millions
of financial messages every day. As of February
2013, the average daily SWIFT network traffic was
19.5 million messages!  
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How does SWIFT work?

• SWIFT transports financial messages in a highly
  secure way but it is not a financial
  institution. It does not hold accounts for its
  members and does not perform any form of clearing
  or settlement.
• Messages leaving a customer site are encrypted
  before their transmission over SWIFTs network.
• The sender defines and controls the information
  in a SWIFT message.
• SWIFT cannot see it without explicit
  authorisation, and only for defined reasons.
• SWIFT takes full liability for each message once
  they have accepted it. 

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Key benefits standardisation

• SWIFT simplifies and standardises bank
  communications for businesses around the world.
• For businesses doing global trade, having
  numerous bank accounts in different countries can
  make things complicated
• SWIFT gives them a single window for their
  financial messaging, allowing them to
• Improve their connectivity with banks in
  different countries.
• Get full global visibility of their cash
  position.
• Make better informed global cash management
  decisions.

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Key benefits - security

• SWIFT guarantees the delivery of messages, and
  has a network and system availability greater
  than 99.999.
•  
• SWIFT has elaborate contingency plans including
  data encryption, audit tracing and intrusion
  detection to ensure data confidentiality and
  integrity.
•  
• Businesses who use SWIFT to exchange financial
  information safely and securely can
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• Lower their costs.
• Reduce operational risk
• Eliminate operational inefficiencies.

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The AccessPay/SWIFT agreement
In October 2013 AccessPay announced the signing
of an agreement with SWIFT This agreement
positioned AccessPay as first in the market to
offer a cloud-based payments and cash management
application with SWIFT messaging connectivity
fully integrated, adding value to AccessPays
SEPA, Bacs and Direct Debit Management
solutions. With SWIFT financial messaging
integrated seamlessly into our cloud-based
platform, our clients can now communicate
securely with banks all over the world.

Ali Moiyed, AccessPay
CEO
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AccessPays SWIFT Payments Module

• The AccessPay SWIFT Payments Module enables
  businesses to send funds securely across a range
  of currencies and enjoy faster, more efficient
  global payments.
• The module gives AccessPay clients the power to
  leverage the full potential of the SWIFT for
  corporates network, allowing them to
• Design straight-through-processes for payments
  and statements.
• Convert file formats into the single SWIFT
  standard.
• Rationalise current internal banking software.
• Maximise cash visibility
• Optimise cash flow.

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Any Questions?
     
AccessPayCEC Winchester - Crawford
Place,259-269 Old Marylebone Rd,LondonNW1
5RA
Tel [phone] Email
info_at_accesspay.com Website www.accesspay.com
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