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SWIFT's New Sweet Spot

As more companies seek to connect to multiple banks through a single platform, SWIFT is providing more ways and more reasons to link up.

By Richard Gamble | Updated on September 01, 2009

Corporate use of SWIFT continues to spread. In the past year, $58 billion Dow Chemical has moved roughly 60% of its bulk A/P payments onto SWIFT. All treasury transactions now go through SWIFT, reports Andreas Unterste, director of financial operations, compliance and technology in Dow’s treasury, and all the bank information that treasury and accounting need is imported through SWIFT. Large multinationals like Midland, Mich.-based Dow are moving more of their bank communications onto SWIFT. The requirements for accessing SWIFT through the Score model are being relaxed to permit more corporations and governments to join.

The growth of service bureaus–third parties that provide SWIFT connections–and a new Web-based connectivity option, Alliance Lite, are cutting up-front costs and speeding implementation, making it easier for smaller companies to take advantage of SWIFT’s benefits. And important new messages are being introduced to simplify and automate bank account administration and enquiries about payments.

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