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Financial Crisis Heightens SWIFT's Appeal

Interest reflects increased need for global visibility and concern over counterparty risk

By staff Writer | Updated on July 14, 2009

Treasurers’ interest in the SWIFT bank messaging network has picked up dramatically since last year, according to a report from technology consultancy Financial Insights. Almost half of North American corporate treasurers are now interested in SWIFT, a marked change from a survey last year that showed SWIFT was viewed as a priority by less than 15% of big corporations and an even smaller percentage of midsize companies.

Jeanne Capachin, a research vice president at Financial Insights and co-author of the report, links the uptick in interest to treasury groups’ growing emphasis on visibility into their cash positions, given increased concerns about counterparty risk and companies’ need to make the best use of cash amid the recession. SWIFT provides a single, secure channel to communicate to multiple banking partners. The report notes SWIFT’s raising its profile recently and last year launched Alliance Lite, a low-cost way to connect via SWIFT.

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