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SWIFT secure financial messaging services key facts and information
SWIFT: Secure Financial Messaging Services
Key facts and information
What is SWIFT ?
SWIFT is the Society for Worldwide Interbank Financial Telecommunication.
SWIFT enables financial institutions throughout the world to send and
receive information about financial transactions in a secure, standardised
and reliable environment.
• Headquartered in Belgium
• One of the largest financial messaging systems in the world.
• Over 40 years old…
SWIFT – 40 years and going strong
In 1973, banks created SWIFT. Their aim was to provide:
1) A shared worldwide data processing and communications link.
2) A common language for international financial transactions.
SWIFT began with 239 banks on board. It is now a vast global network…
More than 10,000 organisations in 212 countries now use SWIFT to
exchange millions of financial messages every day.
As of February 2013, the average daily SWIFT network traffic was 19.5
How does SWIFT work?
SWIFT transports financial messages in a highly secure way; but it is not
a financial institution. It does not hold accounts for its members and
does not perform any form of clearing or settlement.
• Messages leaving a customer site are encrypted before their
transmission over SWIFT’s network.
• The sender defines and controls the information in a SWIFT message.
• SWIFT cannot see it without explicit authorisation, and only for
• SWIFT takes full liability for each message once they have accepted it.
Key benefits – standardisation
SWIFT simplifies and standardises bank communications for businesses
around the world.
For businesses doing global trade, having numerous bank accounts in
different countries can make things complicated…
SWIFT gives them a ‘single window’ for their financial messaging,
allowing them to:
• Improve their connectivity with banks in different countries.
• Get full global visibility of their cash position.
• Make better informed global cash management decisions.
Key benefits - security
SWIFT guarantees the delivery of messages, and has a network and system
availability greater than 99.999%.
SWIFT has elaborate contingency plans including data encryption, audit
tracing and intrusion detection to ensure data confidentiality and integrity.
Businesses who use SWIFT to exchange financial information safely and
• Lower their costs.
• Reduce operational risk
• Eliminate operational inefficiencies.
The AccessPay/SWIFT agreement
In October 2013 AccessPay announced the signing of an agreement with
This agreement positioned AccessPay as first in the market to offer a cloud-
based payments and cash management application with SWIFT messaging
connectivity fully integrated, adding value to AccessPay’s SEPA, Bacs and
Direct Debit Management solutions.
“With SWIFT financial messaging integrated seamlessly into our cloud-based
platform, our clients can now communicate securely with banks all over the
Ali Moiyed, AccessPay CEO
AccessPay’s SWIFT Payments Module
The AccessPay SWIFT Payments Module enables businesses to send funds
securely across a range of currencies and enjoy faster, more efficient global
The module gives AccessPay clients the power to leverage the full potential
of the SWIFT for corporates network, allowing them to:
• Design straight-through-processes for payments and statements.
• Convert file formats into the single SWIFT standard.
• Rationalise current internal banking software.
• Maximise cash visibility
• Optimise cash flow.
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