ABBâs Group Treasury will replace their three existing e-banking applications with a single bank-independent SWIFT application that connects their three banks. ABB wants to streamline their processes and increase the security of their payments initiation process.
Corporations are looking for simplified and streamlined payment processes and control procedures. Many are finding that using an independent SWIFTNet solution eliminates the complexity of supporting multiple platforms, procedures and standards required in a multi-bank environment.
Security, fraud and compliance are playing an increasingly important role in decisions by corporate finance departments about how they conduct business. Regulatory pressure from the Sarbanes-Oxley Act, IFRS, and others, are requiring greater operational controls on all their activities.
âBBP has a huge footprint in the SWIFT service bureau market and more than 12 years experience operating secure and mission-critical SWIFT connectivity applications. Our selection of BBP was influenced by several key decision criteria: the annual security audit done by an independent third-party; the strong security features of BBPâs IGTplus platform; and the compliance with the âCircular of the Swiss Federal Banking Commission: Outsourcing of Business Areasâ which is unique in the marketplace. These important features, combined with their professionalism and long list of reputable clients, led us to select BBP,â said Thomas Martin, Head of Operations & IT, ABB Capital B.V., Zurich Branch.
Per Trifunovic, BBP CEO said âWe are delighted to have ABB as a client for our SWIFTNet Corporate Access. ABB will benefit from simplifying their payment operations and will be better prepared to address the security threats that have become a greater factor in conducting financial transactions.â