It’s all about security, simplicity, straight-through processing, and cost savings. In the 1970s, the banks got together and agreed that they needed to create a standard and secure way to share financial messages with each other. Today 10,000 banks and financial institutions are members of SWIFT. So is Treasury Curve.
Tap Directly into SWIFT
Treasury Curve thought it made the most sense to tap DIRECTLY into the SWIFT network. Our TMS solution is built on native SWIFT message formats and uses LITE2 as the web interface to connect directly into the SWIFT network in Belgium. If you don’t tap directly into SWIFT, or if you use a SWIFT Service Bureau that uses a copy of the SWIFT network, aren’t you simply adding a layer of complexity and cost into your financial data flow? SWIFT used to be thought of as just a network for non-U.S. financial institutions that was too expensive and complex for people to use. Today SWIFT is accessible globally, and you don’t have to be a financial institution to benefit. Now that SWIFT is in the Cloud with Treasury Curve, don’t you want to know how you can take advantage of that?
Consolidate Your Bank Information
When you’re built on SWIFT, you have a single “pipe” to access all of your bank information, anywhere in the world, and you have a standard way to view all of your bank position balances coming in every day. When you’re not built on SWIFT, you have multiple banking partners, each of which may use a different communications process (e.g., FTP, email, fax, etc.), and you end up trying to aggregate all of this data together into something normal. Furthermore, you are likely paying for each of these bank feeds, or paying to map and capture this data…or both. If you’ve ever had to map financial data before, you know that it is extremely difficult when it comes in at different times and in different formats. This makes it very hard to get a baseline of data that can then be viewed with a graphical tool to determine things like how much liquidity you have, what’s your optimal amount of liquidity, what’s your forecasted expenditures, etc. That is challenging enough when you are a domestic organization. What if you are a global organization, or becoming one?
Also, when you go through additional “layers” to connect with SWIFT, you have additional potential break points, additional lag time, and additional cost built into your connectivity infrastructure (for which someone has to pay). Alternatively, with Treasury Curve, when your bank makes a change in the way they deliver messages, or SWIFT makes a change, these changes are automatically updated on the Treasury Curve system. There’s no need to call anyone or pay for someone to come in and make changes to your system. Of course, if desired, we also support non-SWIFT connections as well, such as FTP connections to private banks.