Automating SWIFT integration involves a variety of issues, different methods, costs and complexities. It’s clear that ‘one size fits all’ is far from true and the method - or combination of methods - to yield best results are outlined here.
The pressure to be compliant with the single euro payments area (SEPA) end date, originally 1 February 2014 before a six-month extension was granted, led many banks to adopt tactical rather than strategic solutions. Despite the addition of an extra transition period to bring credit transfers and direct debit payments into the SEPA format, some banks are still adopting a compliance-only approach.
Regular attendees of past Sibos conferences will be encouraged to see the 2014 schedule shows many speakers adopting a fresh approach to their sessions. Naturally, as a SWIFT-organised event the programme will cover payment standards and formats but Sibos Boston offers a much broader picture.
Despite the launch of SWIFT’s AllianceLite2 in July 2012 the future still looks bright for third party service bureaux willing to adapt and innovate in the face of a changing competitive and technology landscape. Mohan Murali is president of Axletree Solutions, one of the leading SWIFT service bureaux (SSBs), for several major US corporates.