SWIFT’s MA-CUG (Member Administered Closed User Group) offering has been endorsed by TowerGroup as ‘a great step forward in communications between banks and corporate customers.’ MA-CUGs were introduced by SWIFT to enable banks to communicate with their corporate clients in a secure and cost effective way. By connecting to their corporate clients through a MA-CUG, SWIFT member banks can leverage SWIFTNet as a distribution platform for their own business applications or services. According to TowerGroup, MA-CUGs provide clear advantages for corporate users. ‘By using this communications channel over SWIFTNet, companies have access to a reliable, secure private network with standardised security for all communications with all their banks (or at least those that choose to offer MA-CUGS). Their security systems would also be standardised, avoiding the need to maintain multiple systems that are proprietary to individual banks.’
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