Should I migrate all of my bank connections to SWIFT?

Implementing bank connectivity through SWIFT is not an “all or nothing” proposition. You should perform a cost/benefit analysis of your current connectivity approaches to SWIFT on a bank-by-bank basis to determine the most cost effective integration method for each institution. How does the cost of your current proprietary host-to-host, online cash management, and multibank data aggregation solutions compare to SWIFT?

It may make sense to use a combination of both approaches. For example, you might use Internet-based secure FTP for information reporting data and bulk payments with your top two cash management banks. Additionally, you could use SWIFTNet for payments and reporting related to international bank accounts. Another consideration is whether all of your banks are SWIFT-enabled for the services you require. For example, many financial institutions lack flexible capabilities for FileAct. For those banks that are not SWIFT-ready, you will need to establish direct connections or work with them to implement SWIFT.

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