Broadridge’s Andreas Gunther, executive director, global SWIFT relationship, says EMIR requirements and corporates are upping their use of the SWIFT network.
Q: What SWIFT-related product trends have you seen among your clients for this year?
A: One of the big drivers was the EMIR [European Market Infrastructure Regulation] regulation — a large number of our clients use SWIFT messaging and the SWIFT network to run their reporting for this. We have also noticed corporates extending their use of SWIFT.
In the beginning corporates mostly used the SWIFT network to send and receive payments and account statements.
However, over the last 12 months, we have noticed that corporates are increasingly using SWIFT for processes like matching functions and letters of credit and so on.
In addition to this, the SWIFT FileAct service is used more often.
Q: What will be the hot SWIFT-related Ops trends for 2015?
A: The biggest change will be driven by legal requirements, for example KYC (know your customer).
SWIFT Ref will also be a key topic for 2015 — the increased use of this SWIFT product is triggered by legal requirements, as well.
Two strategic SWIFT initiatives will have a bigger impact on 2015: Lite2 and SWIFT consulting.
SWIFT intends to win new and existing clients for the Lite2 connectivity.
SWIFT consulting is a relatively new playing field for SWIFT: because of its expertise in the financial industry, SWIFT believes that it can offer a lot of value in the consulting and data areas.
Q: Why do you think these trends are underway?
A: As mentioned above, the drivers include legal requirements and the SWIFT strategy itself.
SWIFT is increasingly used by market infrastructures such as CSDs [central securities depositories], national central banks, and stock exchanges as a method of communication.
In addition to this, SWIFT’s strategy is not just to sell a network and communication via this network, but to win more business along the value chain of this communication.
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