The cloud-solution will, says SWIFT, make correspondent banking more efficient, secure and cost effective while increasing the security of their correspondent banking activities.
Small to medium sized banks face a combined pressure of minimising operational costs while keeping their SWIFT infrastructure up-to-date in terms of technology and security.
Additionally, evolving regulatory requirements and cyber security challenges make it crucial for banks to have an in-depth knowledge of their correspondents.
In order to facilitate efficient, secure and cost-effective correspondent banking, banks must be able to track payments, ensure trouble-free payments processing, defend against cyber threats and financial crime and access the data required for comprehensive analytics.
The Correspondent Banking Suite gives banks direct, cost-effective access to the SWIFT network via Alliance Lite 2, a standardised, robust and secure cloud-based interface managed and operated by SWIFT.
Alliance Lite2 combines the benefits of SWIFT with the added value typical of cloud solutions – a lighter footprint and faster time to market.
This is packaged together with SWIFT’s best-in-class products and services for correspondent banking, including:
- KYC Registry – shared platform for managing and exchanging standardised Know Your Customer (KYC) data;
- Sanctions Screening – screens incoming and outgoing messages against the latest sanctions lists;
- Name Screening – online lookup tool enabling screening of single names against sanctions, PEP and private lists;
- Daily Validation Report – validate SWIFT transaction activity and understand payment risks;
- Bankers World Online and BI Network Management – detailed correspondent banking traffic and payments reference data;
- SWIFTSmart – cloud-based elearning platform, and
- Subscription to gpi Tracker – transparent, end-to-end payments tracking (available in the Correspondent Banking Suite in 2018)