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Why You Should be Using SWIFT to Control Your Global Payments

A well-known type of international transfer that involves the use of one international network, SWIFT payments represent the cutting-edge in terms of businesses and how they manage their finances. One of the largest international financial messaging systems on the planet, SWIFT stands for the Society for Worldwide Interbank Financial Telecommunications.

By providing financial institutions with their own unique codes, SWIFT makes it simple for banks to both find and communicate with one another. Providing a secure network that allows over 10,000 financial institutions located in 212 different countries, SWIFT payments are the wave of the future in the financial sector.

That said, the following is an overview in regards to why you should be using SWIFT to control your global payments.

Compliance Standards

First and foremost, by using SWIFT payments, you are ensuring that you remain in compliance to several laws and regulations. With the use of standardisation, automation, as well as data transparency, SWIFT makes certain that you remain in strict accordance to all existing regulations. This provides many companies with the peace of mind of knowing that they do not have to stress and spend too much time and energy learning tedious compliance standards.

Connectivity 

In addition to that, using SWIFT helps drastically with matters associated with connectivity. By replacing multiple host-to-host banking channels with a single bank agnostic channel, SWIFT ensures that your connectivity is that much more stable. This gives banks all over the world the comfort of knowing that they can transfer high volumes of data securely, and in an instant.

Financial Messaging

Moreover, another great reason to use SWIFT to control your global payments is that you gain the ability to standardise your financial processes via a homogenous messaging format which helps with bank connectivity. In other words, by providing a highly secure network that makes for the speedy, efficient, and secure transfer of messages, SWIFT serves as the foundation for all financial transactions. This means banks can communicate safely and securely about business related matters, all hours of the day.

Business Intelligence

In addition to that, SWIFT also provides dashboards which allow businesses to monitor messages in real-time trade flow, activity, and reporting and the associated reports can be filtered based on country, religion, message types, and much more. This means you can quickly and easily access your company’s raw data in order to uncover issues and uncover trends, etc.

Financial Process Automation

Furthermore, your business will also be able to automate things such as bank account reconciliation, payment processing, transactional data gathering, as well as the calculation of daily cash deposits. This will save you tons of time and manpower as you will not have to waste the time or energy of employees in order to execute these processes.

Reliability

Moreover, not only is SWIFT one of the most reliable financial messaging systems in the world, but it also comes with a reliability guarantee. By taking total liability for each and every message sent through the system, SWIFT ensures that every message is accounted for. In addition to that, the network has an impressive 99.999% network availability. This means, your messages are not only being safeguarded, but they are also essentially guaranteed to reach their intended destination almost immediately.

3SKey

Lastly, the 3SKey is another great reason to use SWIFT to control your global payments. A single digital token that includes strong authentication process which subsequently allows for access to multiple banking partners via any channel of choice. Thus, this provides banks with a single identity solution that makes it simpler to authenticate matters regarding banking communications, across an array of banking channels.

Overall, switching your company to the SWIFT system can be one of the best decisions you have ever made for your business. With a host of associated benefits, the many rewards for using SWIFT far outweighs the uncertainties.

Moreover, given that it is quickly becoming the prevailing financial messaging system being used internationally, using SWIFT immediately makes you a part of a larger network of highly trusted financial institutions. One of the most secure methods to provide a foundation for your company’s financial transactions, join the SWIFT network today and reap a vast array of benefits indefinitely.