corporate-access-ready-or-not

Corporate access: ready or not?

SWIFT wants to make it easier for corporates to communicate with their banks across the messaging platform, but first banks and vendors must become SWIFTNet-ready.

By Cherie Marriott

June 12, 2007

One of the pillars of Leonard SchrankÆs new 2010 strategy is to make it easier for corporates to connect with SWIFT. The CEO of SWIFT has made it very clear that in the next four years he wants to remove the cumbersome mechanisms that currently control the way treasurers communicate with their banks via the network û primarily the awkwardly named member-administered closed user groups MA-CUGs.

The wheels are already in motion. In June this year the SWIFT board overwhelming voted in favour of a new corporate access mechanism called Score or standardised corporate environment which is currently being piloted. Unlike the MA-CUGs, Score will allow corporates to communicate with more...

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