The Royal Bank of Scotland (RBS) SWIFT Service Bureau has extended its coverage globally to a network of 38 countries worldwide. The service bureau makes it easier for corporates, financial institutions and non-bank-financial institutions to gain the benefits of connectivity to SWIFT, without the need to buy and maintain hardware and become an expert in SWIFT. A bureau typically reduces the reliance on multiple proprietary systems and can automate a number of manual processes.
SWIFT estimates that around 90% of clients connecting to its network will do so via a bureau. Outsourcing this capability to RBS SWIFT Service Bureau allows clients to streamline both their set up and ongoing maintenance activity. The bureau enables clients to send instructions to all of their global banking partners through the one connection and allows the consolidation of information reporting globally.
Wilco Dado, head of global payments, global transaction services (GTS), RBS, said: “With a global solution clients can take charge of their liquidity management across all accounts. With centralised control and single processes, complying with regulations, like Sarbanes-Oxley, becomes an easier process. The RBS SWIFT Service Bureau comes with a direct contract from RBS, with the service supported globally in 38 countries – this is a key differentiator of our offering.”
The RBS SWIFT Service Bureau has also recently been accredited by the Bank of England as a provider for the SWIFT-based Enquiry Link solution for the central bank.
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