For the SWIFT Service Bureau option, how do I choose a provider?

Almost 70% of corporates connect to SWIFT through a service bureau because it is usually more cost-effective and doesn’t require highly specialized in-house SWIFT experts. Even those organizations that end up using another option typically evaluate this alternative prior to deciding their implementation approach.

Choosing a SWIFT Service Bureau can be a daunting task, with more than 120 organizations worldwide with service bureau offerings. A list of SWIFT Service Bureau providers can be found using SWIFT’s Partner Locator. This tool also highlights those bureaus who have earned the “Standard Operational Practice” label, awarded to providers that meet best-in-class operational requirements. SWIFTReady vendors must meet more stringent requirements for availability, security, resilience, non-repudiation and guaranteed message deliveries.

Most corporates issue a SWIFT Service Bureau Request for Proposal (RFP) or Request for Information (RFI) tailored for their organization’s unique needs. Typical criteria includes the ability to handle bank on-boarding, provide 24×7 global support, meet audit standards (SAS 70 Type II, SSAE 16 & 3420), employ SWIFT-certified experts, and support file translation and transformation.

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