SWIFT broadens its cloud-based connectivity solution Alliance Lite2 and GTreasury signs up to support SWIFTref.
Financial messaging and services cooperative SWIFT has extended its cloud-based connectivity solution Alliance Lite2 to business applications, according to a statement released at the SIBOS 2014 Boston conference and exhibition.
The conference, put on by SWIFT, is underway at the Boston Convention & Exhibition Center from Sept. 29 to Oct. 2.
In a related move, GTreasury, a provider of liquidity management services, is the first Alliance Lite2 business partner in North America and has augmented its offering by incorporating SWIFTref data for its clients.
Alliance Lite2 for Business Applications allows applications providers to add SWIFT connectivity to existing software applications, “delivering end-customers the advantages of global reach and secure financial communications across multiple business segments,” according to the statement.
Alliance Lite2 provides secure, cloud-based connection to the SWIFT network, so that end-users don’t need to host and maintain their own infrastructure.
Alliance Lite2 for Business Applications allows providers to easily integrate Lite2 with existing software applications, offer multi-bank solutions to clients, connect their applications to SWIFT’s 10,500 plus membership and thus move closer to offering clients a “one-stop-shop solution.”
The Alliance Lite2 support is available for cloud application providers in business segments including payments, cash management, trade, securities and funds. SWIFT plans to expand availability to new market segments in the future.
Currently, nine of the software providers in cash and treasury management have enabled 25 new corporates to connect to SWIFT via the new solution, according to the statement.
“After a very successful Early Adopter phase SWIFT has now expanded the benefits of Alliance Lite2 into the software application space,” says Juan Martinez, managing director, SWIFT Software Business and the SWIFTLab, in a statement.
“Application providers can now combine the value of their applications with out-of-the-box SWIFT connectivity. For end customers this means the ability to reach more banks worldwide, rapid implementation and secure financial communications,” Martinez says.
By augmenting their offering with Alliance Lite2, GTreasury has been able to incorporate SWIFTRef data for their clients. SWIFTRef is a repository of SWIFT BIC codes and allows GTreasury users the ability to look up BIC codes directly within GTreasury, according to the statement.
“By working with SWIFTRef data, our clients will be able to on board and map their reporting banks and accounts into GTreasury with greater ease than in the past – this will help us load banking data quicker and give our clients faster insights and ROIs on their core banking functions,” says Orazio Pater, chief operating officer of GTreasury in a statement.
GTreasury officials say they have also incorporated this functionality into their Funds Transfer module, which allows clients the ability to look up or reverse engineer routing codes for unknown or non-repetitive based payments.
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