Utilizing the SWIFT network can save a company thousands if not millions of dollars in transaction and operations costs over time compared with existing in-house systems
Las Vegas, NV (PRWEB) June 1, 2010
After just over a year on the market, BankServ’s SWIFT for Corporates solution is now processing payment and financial messages for over six Fortune 1000 corporate clients, the company announced Tuesday.
SWIFT – an international financial messaging network that for decades was open only to banks – has become a useful tool for multinational corporations. By sending their transaction data through SWIFT, corporate treasuries achieve straight-through processing with their banks, better cash visibility and streamlined overall treasury management across their international operations. Since SWIFT uses a uniform single standard to replace competing software systems and protocols, it greatly reduces compatibility issues and manual data translation in the back office.
“Utilizing the SWIFT network can save a company thousands if not millions of dollars in transaction and operations costs over time compared with existing in-house systems that do not use a single standard. It’s not unusual to see a multinational corporation have several different systems and processes with limited compatibility, keeping track of transaction data from dozens of banks,” said Mary Ellen Putnam, vice president of BankServ’s international division. “Coordinating that data manually takes a huge amount of effort, and producing up-to-the-minute cash position information can be very difficult.”
One BankServ client, Putnam said, estimated a nearly 70% internal rate of return and a reduced transaction cost of up to 75% from installing SWIFT. BankServ’s Corporate Solution not only provides the SWIFT connectivity technology platform, but also a fully outsourced and managed service that includes essential professional services, SWIFT expertise and ongoing 24/7 support that corporations need to successfully implement and operate SWIFT for their companies.
“We believe our Corporate SWIFT Solution provides companies with a plug-in method of handling all their financial messaging issues, and it costs even less than what they were doing already,” Putnam said. “If you can easily implement a better treasury solution, while eliminating costs and even gain banking-industry standard security and compliance, wouldn’t you want to do that for your company?”
BankServ will be presenting a case study on SWIFT for corporations with one of its major corporate clients at the New York Cash Exchange on June 2. Information about this presentation or our Corporate SWIFT Solution can be obtained by calling Madeleine Xavier at 415-632-1869.
Since 1996, BankServ has been developing and delivering leading-edge electronic payments and messaging solutions for over 450 financial institutions and corporations across the globe. More information about BankServ can be found at http://www.bankserv.com.
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