SWIFT announced today its enhanced corporate to bank access model is live and commercially available after a successful three-month pilot. Called SCORE (Standardised CORporate Environment), the new access model is for any corporate listed on a regulated stock exchange in a FATF (Financial Action Task Force) member country.
SCORE enables corporates to interact in a standardised way with participating SWIFT financial institutions. SCORE pilot programme participants included Alstom, Arcelor Mittal, CIBA, Danone, Gaz de France, General Electric and Microsoft, together with ABN Amro, Bank of America, Barclays, BNP Paribas, Citigroup, Deutsche Bank, HSBC, ING, JPMorgan Chase, Nordea, SociÃ©tÃ© GÃ©nÃ©rale and UBS.
The initial focus of SCORE will be on cash management and treasury. Additional bank services such as exceptions and investigations, trade services and investment services are expected to follow.
Commenting on the SCORE model, Franck BruyÃ¨re, Manager of Alstom's treasury back-office said, âWe look forward to communicating with our banks through SWIFT. As early adopters of the new SCORE model, we believe it is now easier for corporates to leverage SWIFT.â
Luc Meurant, Head of Corporate Access Programme, SWIFT, added, âSCORE brings two major benefits to corporates and financial institutions: increased efficiency and most importantly â stronger standardisation. Pilot participants took the lead in confirming the value this offering brings to both financial institutions and corporates. Now we are delighted to report other financial institutions and corporates are registering for SCORE at a rapid pace.â