SWIFT

What we plan to offer for SWIFT

SWIFT is a global member-owned cooperative, and their messaging platform allows financial institutions globally to communicate with each other in a secure and standardised way. SWIFT provides a truly global reach connecting 11,000 banking and securities organisations, market infrastructures and corporate customers across more than 200 countries and territories.

The SWIFT model

SWIFT offer a wider range of products and services, and Form3’s initial proposition to financial institutions focuses on:

Payments - Allowing your business to connect simply and in a standardised way with your financial institution partners. Supporting both customer and FI to FI payments, and providing your business with the scalability to grow. Our initial proposition will support both FIN (individual messages) and FileAct (file based messages). In addition, our system supports SWIFT gpi Customer Credit Transfers; allowing greater speed, transparency, and traceability of your SWIFT payment messages.

Account Information - Providing your business simple visibility of the accounts which you hold with other financial institutions in a standardised way. Providing greater financial control, and opportunities improve business costs through automation of internal processess

Member access to RTGS systems - SWIFT support many financial institutions to also connect as a member to global Real Time Gross Settlement (RTGS) systems. Form3’s initial proposition will focus on supporting CHAPs (GBP Clearing) and Target 2 (EUR Clearing), with plans to integrate further RTGS systems planned.

Central Bank Account Management – Our proposition will support SWIFT WebAccess/Browse functionality which will provide your team with secure access to central bank user interfaces, allowing your team to manage your central bank accounts with ease. Our initial proposition will focus on the Bank of England Enquiry Link (BoE EL), and Target 2 Information and Control Module (T2 ICM).

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