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SWIFT is a member-owned cooperative through which the financial world conducts its business operations.
More than 9,000 banking organisations, securities institutions and corporate customers in 209 countries use SWIFT every day to exchange millions of standardised financial messages.
The centralisation of treasury and payment functions can create many challenges, including:
- managing several banking relationships
- handling different payment standards
- accommodating manual processes for multiple payment types
To help with these problems SWIFT has opened up its network so that corporates can now implement a single platform to exchange financial information with their banks. To maximise the benefits of this service corporates need to consider how to:
- rationalise their proprietary banking software
- achieve STP of payments and statement information
- transform file formats to the single SWIFT standard
- improve cash management visibility and working capital management