The RBS SWIFT Service Bureau will deliver all SWIFT data processing and connectivity in a secure, reliable and resilient environment with full backup, disaster recovery, systems maintenance, infrastructure upgrades and on-going support with real-time monitoring and contingency. In addition to connectivity, the bureau service also manages messaging and business functionality normally provided by in-house applications, such as message reformatting to comply with current and ongoing SWIFT standards and data enrichment and repair to increase Straight Through Processing (STP) rates. The service will deliver this functionality from a single secure connection, whilst customers still have full control and management of their SWIFT messages.
The bureau offers users a flexible, cost effective solution that provides one route to a real-time, intra-day view of all cash positions, enabling better cash and liquidity management. It will allow users to take advantage of value added services and SWIFT Business Solutions such as cash management, reconciliation and reporting.
Gary Wright, Head of International Cash Management and Product Development, Global Transaction Services, RBS says:
âCustomer feedback showed that corporates want to make better use of the SWIFT network and are looking to leverage their existing banking relationships to achieve this. RBS is a trusted partner that can support all on-going connectivity needs. This service allows corporates to focus operational and IT staff on managing and growing their core business secure in the knowledge that SWIFT connectivity, along with their other banking services, is provided by the UKâs largest corporate bank.â
The RBS SWIFT Service Bureau will be powered by technology partner Simplex Consulting. David Reeve, Chief Executive Officer, Simplex Consulting comments:
âCorporates increasingly view management of SWIFT connectivity as part of their overall banking strategy. There is a clear need in the market for a service bureau for corporates that combines the reliability of a trusted bank such as RBS and proven service bureau technology from Simplex. This offering enables corporates to fully realise the benefits to be gained from using the SWIFT network.â