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The SWIFT Way

After giving into corporate pressure to open their service up to nonfinancial companies, SWIFT is about to go public with a new service that should bring costs of banking down and efficiency up

By Richard Gamble | Updated on November 01, 2006

Treasuries of global corporations soon will pick up a new banking partner that promises to provide a single view of nearly all cash, streamline communication with banks and ultimately improve liquidity management. That partner is SWIFT (The Society for Worldwide Interbank Financial Telecommunications), formerly an exclusive bankers-only club that dramatically reversed a long-standing policy and threw open its doors to corporate users last June.

Instead of having to buy their way in through individual banks, the new SCORE model allows companies to access SWIFT directly and communicate with all SWIFT banks globally through that single connection. SCORE,an acronym for Standardized Corporate Environment, is a change in gateway policy more than a change in technology, but SWIFTNet, the IP-based network SWIFT introduced three years ago, makes it easier and cheaper to open new access points. SCORE is now in pilot testing with 12 banks and eight corporations. Plans call for making it officially available outside the pilot group in January.

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