SWIFT has introduced a new program that provides corporate treasury and finance professionals with insights into whether banks are ready to meet their needs.
SWIFT’s Bank Readiness Certification Program is intended to increase banks’ operational and commercial readiness to participate in SWIFT for Corporates (S4C). The program will allow corporates to gauge how prepared their banking partners are to implement SWIFT capabilities. Forty-three banking groups have been certified so far.
Banks’ readiness status for implementing S4C is determined by meeting a set of criteria, some mandatory and some optional. A bank is considered ready to offer S4C in a certain country if it complies with all mandatory criteria for that country.
Mandatory operational criteria includes:
- Participation in SCORE (Standardized Corporate Environment)
- The ability to receive FIN MT 101 and send FIN MT 940 and MT 942
- Compliance with the MT and FileAct Implementation Guides
- Offering testing capabilities
- Offering basic operational documentation
- Ensuring support during implementation.
Mandatory commercial criteria includes:
- Having SWIFT knowledge and a trained sales staff
- Offering basic commercial documentation
- Providing a hyperlink to a dedicated SWIFT page.
Once a bank meets the requirements, SWIFT provides it with the readiness label for the current year and publishes its readiness status on the SWIFT for Corporates website. Corporates can check readiness either by bank name or country.
Full details on SWIFT’s Bank Readiness Certification Program can be found here.