Search
 
Best Practices

SWIFT's New Sweet Spot

As more companies seek to connect to multiple banks through a single platform, SWIFT is providing more ways and more reasons to link up.

By Richard Gamble | Updated on September 01, 2009

Corporate use of SWIFT continues to spread. In the past year, $58 billion Dow Chemical has moved roughly 60% of its bulk A/P payments onto SWIFT. All treasury transactions now go through SWIFT, reports Andreas Unterste, director of financial operations, compliance and technology in Dow’s treasury, and all the bank information that treasury and accounting need is imported through SWIFT. Large multinationals like Midland, Mich.-based Dow are moving more of their bank communications onto SWIFT. The requirements for accessing SWIFT through the Score model are being relaxed to permit more corporations and governments to join.

The growth of service bureaus–third parties that provide SWIFT connections–and a new Web-based connectivity option, Alliance Lite, are cutting up-front costs and speeding implementation, making it easier for smaller companies to take advantage of SWIFT’s benefits. And important new messages are being introduced to simplify and automate bank account administration and enquiries about payments.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?

 

Recommended Stories

Inventory, Reimagined

Inventory, Reimagined

Amit Goel |

How companies should be determining their ideal inventory level in the current economic climate.

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2023 ALM Global, LLC. All Rights Reserved.