Table of contents
Swift for Corporates
What is Swift developing for the corporate community to improve payments processing?
Supporting the corporate business of banks is a core element of Swift's strategy to drive an instant and frictionless transaction experience end-to-end, as corporates are often the start or end point. The goal of the strategy is to enable corporates and banks to exchange rich and structured data and ensure it is carried end-to-end, making this data readily available across the payment chain. At the same time, Swift aims to help banks to achieve an overall uplift in service to respond to corporates’ needs while alleviating resource constraints and enabling easier adoption.
This presents tremendous opportunities for banks to integrate Swift-based services, accelerate innovation and implement differentiating solutions in their own channels; for corporates to access richer products and better services; and for the community to realise the full potential of ISO 20022, end to end.
As a SCORE bank, how am I impacted?
As rich data will be captured straight from the source, SCORE banks will be able to utilise the new and enhanced product capabilities which Swift offers as a basis for product development and innovation. They can also incorporate their own offerings and provide more value-added services to offer better customer experiences to their corporate customers that are connected on Swift.
Banks can offer integrated Swift services in their own propriety channels to corporates that are not connected to Swift, retaining full control of the commercial relationship. As the related Swift service will be standardised and ready to implement, this will improve delivery time to market.
As a SCORE corporate, how am I impacted?
SCORE evolves by introducing new capabilities - such as exchanging ISO 20022 payments, and accessing Swift ready-made services - such as Tracking for Corporates.
Swift is developing a single standard in ISO 20022 that seamlessly integrates in the payment flow, end-to-end. With high-quality data captured at origination, validated on the network, and carried unaltered throughout the payment chain, this can bring significant benefits to treasury such as reducing payments friction, improving reconciliation, and enhancing the accuracy of cash flow forecasting.
In addition, Swift will make it easier for corporates to adopt and implement Swift’s ready-made services and provide them with a standardised experience. By streamlining the implementation and standardising the consumption model, corporates can access the service using the same channel and format across different banks. With a single integration, it will also reduce the implementation effort. This model will be used to offer Swift ready-made services such as payment tracking.
How is Swift’s strategy for corporates impacting corporates not connected to Swift?
Swift’s strategy is to drive an instant and frictionless transaction experience end-to-end. Supporting the corporate business of banks is a core element, for both corporates whether they are connected to Swift or not.
Banks can leverage Swift ISO 20022 standards in their proprietary channels from day one. This includes the use of best practices for structured data. Exploration is ongoing into further options to enable banks to scale Swift capabilities for corporates not connected to Swift.
Where can I get more information?
More information can be found in our series of webinars, SCORE is evolving. You should also reach out to your account manager should you have additional questions and/or want to discuss further.
ISO 20022 for corporates
Enabling Swift ready-made services for corporates
How will banks enable and manage Swift ready-made services to Swift-connected corporates?
Banks will deploy and control the Swift experience, like Tracking for Corporates, towards their corporate clients through a dedicated configuration portal. The portal will allow banks to manage, activate and deactivate services. When a service is activated and configured for a specific corporate, the corporate can then access the service directly from Swift, for example through APIs. For Tracking for Corporates, banks can also continue to implement the GPI for Corporates service locally to integrate tracking into their existing customer channels (for example a web portal).
How will banks and corporates access the configuration portal?
Only banks can access the configuration portal. The portal is hosted within the Tracker, therefore the access management for the Tracker GUI applies. Users of the Tracker GUI can configure and activate corporates provided they have the correct RBAC role for the relevant bank’s BIC.
How do services that are managed through the configuration portal differ from standalone implementations of services?
By enabling services, like Tracking for Corporates, through the configuration portal, Swift provides a platform to offer services in a standardised way to ensure a harmonised experience for corporate customers across multiple banks using one channel. Banks that build services locally through traditional standalone implementations can also benefit from the configuration portal for specific customers in regions where the local implementation is not available. It offers a short time-to-market and the possibility of customising its offering with bank-specific added-value services.
How can corporates access the Swift ready-made services that are available through the configuration portal?
Corporates can make requests to their various banks to access these services. Banks can then manage which services are exposed to their customers and configure the granularity of the service when applicable.
For example, to activate Inbound Tracking for a specific corporate, the bank can use the configuration portal and configure which communication channels the corporate can use to receive the notifications, as well as decide which of the optional data should be present in the notifications.
After Tracking for Corporates, what other ready-made services is Swift looking to add and when?
Swift will work with the Corporates Working Group to define and prioritise the roadmap for the next ready-made services to be managed through the configuration portal. The roadmap will be communicated during our community webinars. To stay in the know, make sure your operational contacts are up to date and that you have updated your commercial communications preferences in the Swift Preference Centre.
Tracking for Corporates
How does GPI differ from GPI for Corporates?
GPI is the service banks use to track payments and provide status updates as per the GPI Service Level Agreement. The tracking notifications provide interbank statuses for each payment leg, dedicated payment statuses for banks, and only tracks outgoing payments.
GPI for Corporates provides dedicated payment statuses for corporates for both outgoing and incoming payments.
How is GPI for Corporates linked with the Transaction Manager?
Transaction Manager orchestrates payments on the Swift network by guaranteeing that complete rich data is protected and shared end to end. It is directly embedded into our messaging systems meaning that you benefit from it for all your in-scope transactions. You do not need to opt-in to benefit from Transaction Manager.
GPI for Corporates is a value-added service customers can subscribe to, which provides status notifications about where the payment is in its lifecycle, with transparency details.
Will corporates have access to the GPI tracker GUI?
Corporates that are configured by their bank to track payments directly can consume the tracker data either via API or through messages via FINplus. They can then leverage a single implementation to process the tracking data across multiple banks.
Corporates cannot access the tracker GUI from Swift directly but can leverage their TMS/ERP systems to display the content on their local GUI.
Will the MT 199 tracker messages be supported post-November 2025 for GPI for Corporates (G4C) tracking?
How can partners/vendors/complementors get involved?
As a bank/corporate/partner, how can I contribute and have a voice in this process?
We are working on various action plans, the product roadmap, market communications and an engagement plan as well as developing new narratives and value propositions based on our market confirmation, which validated and prioritised the business requirements. We work closely with banks and vendors on this journey to ensure the standards are embedded into their applications because that’s how corporates typically generate payments.
Swift is working with the community through a working group which is made up of corporates and cash management banks to ascertain business requirements for our product design, roadmap and prioritisation. Corporate’s ERP/TMS or service bureau complementors are closely involved as well to facilitate the implementation.
As and when products and services are built, we will also count on your support to join us at webinars, as pilot customers and early adopters to test out the offerings before the official launch so that we can perfect our offerings.
Have partners be informed about this? How can they get prepared to support integration at banks and corporates?
We have held a webinar called ‘How our partners can harness our evolving cash management capabilities for corporates’, for our partners and will continue to communicate with them bilaterally as well as through future webinars and other channels. You can find the webinar within the ‘SCORE is evolving’ curriculum on SwiftSmart. We will also enable partners testing on ITB and TSP to make sure they are fully ready and in the best position to support banks and corporates.
