Cashflows, part of the Voice Commerce Group, has become a member of SWIFT, the financial messaging consortium. The relationship builds on Cashflows existing membership of Visa and MasterCard, and extends the scope of its global payments network.
Cashflows has secured use of the IBAN ‘Cash GB2L’ which will be used in all messaging. As a supervised financial institution, Cashflows is able to offer an enhanced service to its customers, bringing cost and speed efficiencies including:
- Centralised and standardised reporting, including ability to receive intra-day and per movement reporting.
- Increased efficiency in sending payment instructions.
- Increased reach of territories and currencies supported.
- Improved communication with banks via SWIFT free format messages, which will aid in resolution of queries, tracking and tracing of funds.
- Improved account opening process in that initial communication can be made by SWIFT.
- Direct access to interbank transfers.
- Harmonisation of banking applications.
Becoming a full member of SWIFT follows Voice Commerce Group becoming an authorised payment institution under the new 2nd Electronic Money Directive in the UK.
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