SWIFT Alliance Lite allows any SWIFT user to access the SWIFT network without the investment in telecoms and computer hardware and software usually required. Alliance Lite users can send a range of SWIFT instructions and payments to their banks and receive account statements and other reports from their banks while benefiting from the security and resilience of SWIFTnet.
Messages received by a bank from users of Alliance Lite are indistinguishable from messages received from other SWIFT users, so no software changes or enhancements are required to enable existing SWIFT users to communicate with Alliance Lite users. As a result, the new product [Lite] significantly extends the potential population that can communicate using SWIFTnet.
J.P. Morgan piloted Alliance Lite with the Belgium-based treasury department of SWIFT. Francis Vanbever, CFO of SWIFT, said: âWhen our commercial colleagues developed a low-cost product for use by smaller companies it seemed logical for us to be a pilot user as well and provide feedback. We worked closely with J.P. Morgan during the pilot and were pleased with how user-friendly the product was.â SWIFTâs treasury department piloted Alliance Lite for wire payment initiation and account reporting, and has plans to extend its usage further in the future.
Brian Wedge, SWIFT product manager at J.P. Morganâs Treasury Services business in London, said: âJ.P. Morgan has supported many SWIFT initiatives in the past and we are delighted to report that Alliance Lite had a very smooth start. We expect many corporate and financial institution clients to evaluate the feasibility of using SWIFT for bank communications in the future and the availability of Alliance Lite will make this much easier for all concerned.â