The SWIFT for Corporates module will make SWIFT a more attractive proposition to organisations and their finance functions, which have traditionally been deterred by the cost and time required to implement and integrate the SWIFT messaging service.
SWIFT for Corporates is the first payment channel to be offered on the Experian Payments Global Gateway, a new, single payment hub that is designed to support multiple payment channels and to work with any bank and any business application.
Organisations utilising the Experian Payments Global Gateway can take advantage of different payment channels as they emerge and achieve efficiencies in European payment functions using a single, euro account. By implementing it, the number of manual payment processes and the associated risk of error or fraud are also reduced.
To reduce the cost and time spent connecting to SWIFT, Experian Payments is partnering with a SWIFT bureau, Synergy Financial Systems, which can manage, host and implement the SWIFTNet connection for corporates choosing to outsource the service.
Joy Stevenson, Director of Product Propositions at Experian Payments, commented: âThe time required to implement SWIFT services coupled with the cost of integration has, so far, been a significant impediment to the take-up of SWIFTâs corporate propositions. Experianâs new offering will reduce the implementation time for the service and help corporates develop a stronger business case for introducing SWIFT.
âOnce implemented, Experianâs SWIFT for Corporates module will enable our customers to maximise the benefits of communications via SWIFTNet and achieve rapid straight-through-processing of payments and statement information.â
Peter Sandhu, Technical Director at Synergy Financial Systems, added: âIn our experience, many international banks and corporates outsource the implementation and hosting of the SWIFT connection, so that they can concentrate on their core business. Our service minimises the operational cost for our customers and simplifies the environmental complexities associated with SWIFTNet access. As an accredited SWIFT Service Partner, we can provide SWIFT-trained and certified specialists to maintain the SWIFT interface systems.â
Experian Payments, which recently re-branded from Eiger Systems, leverages Experianâs data and global presence to develop international corporate payments services to help both corporates and banks to make their payments accurately and efficiently.