RBS SWIFT Corporate Access has extended its coverage by being one of the first banks to achieve the SWIFT for corporate bank readiness certificate. This will allow corporate clients access to information on banking services and processes through SWIFT, and corporates can now use one system to send transactions to all relevant banks.
In January 2011, SWIFT launched a certification programme for banks offering corporate SWIFT solutions. The intention of the programme is to provide corporates with a clear benchmark regarding a bank’s SWIFT for corporates offering and the documentation surrounding it. As a leading bank in this area, RBS was a participant in the workgroup that defined the requirements for this new certification scheme from SWIFT.
RBS was one of the first banks to offer corporate services through SWIFT, participating in the Standardised Corporate Environment (SCORE), SWIFT’s core framework for corporate connectivity pilot programme, contributing in the common global implementation group (CIG) for the ISO 20022 XML format for financial corporate-to-bank messaging, and being among the first banks to offer a bank-labelled global service bureau.
ExxonMobil is legally challenging a $2m fine from the US Treasury for allegedly violating sanctions against Russia in 2014 while US Secretary of State Rex Tillerson was still overseeing the company.
BNP Paribas is the latest in a long line of financial service companies to be penalised for misconduct during the financial crisis on both sides of the Atlantic.
Late payments were experienced by 64% of companies in 2016, a recent Coface report found.
Frankfurt has announced proposed changes to employment laws to allow banks to hire and fire more easily.