Should I consider replacing my one-to-one bank connections with SWIFT connectivity?

GXS recommends implementing SWIFT either before or during a TMS upgrade to eliminate unnecessary host-to-host bank connections and bank-specific online cash management systems. Corporates who have implemented SWIFT cite benefits such as improved visibility of worldwide cash as well as the ability to receive acknowledgements and confirmations. Using SWIFT also can simplify integration with standardized connectivity and file formats. With almost 10,000 financial institutions connected to SWIFTNet, many corporates cite the ability to add new banks easily as another key benefit.

In recent years SWIFT has expanded the breadth of services available to corporate clients. Both securities and international trade transactions can be exchanged over SWIFT. Those already using SWIFT for payments and cash reporting may want to consider expanding into value added services such as electronic bank account management (eBAM) or exceptions and investigations (E&I).

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