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Swift, the international payments messaging group, has added one of the world’s biggest banks to its network to connect to a European securities settlement system.
October 31 -
Swift, the international payment messaging group that has long sought to increase membership among "corporates," announced that more than 1,000 corporations have joined its corporate treasury user community.
October 30 -
JPMorgan Chase will use Swift for managing transaction standards.
October 4
Bank of America (BCA) announced Wednesday it now offers electronic bank statements for public companies who use Swift to interact with financial institutions.
The $2.1 trillion-asset bank said it delivers the statements electronically to clients via the Swift FileAct transfer system, thereby eliminating distribution via paper or CD-ROM.
Bank of America said it developed the statements in response to a request from General Electric (GE), which aimed to streamline its receipt of statements for more than 14,000 accounts from more than 100 banks.
According to Bank of America, GE sought to reduce administrative burden, lower compliance risk, decrease its carbon footprint and reduce its need to manage multiple applications for managing electronic repositories.
Bank of America said the statements represent the latest addition to its suite of offerings with Swift, which granted Bank of America its bank readiness certification last year and has subsequently certified roughly 40 of the company’s bankers worldwide.
"Our development of eStatements was a collaborative effort with SWIFT and GE," Cindy Murray, head of global treasury product Infrastructure, platforms and e-commerce for Bank of America, said in a news release. "This new offering will simplify and automate the handling of statements and provide a blueprint for future efficiencies in any treasury team."
"By working closely together, BofA Merrill and SWIFT were able to implement an innovative solution to help GE's treasury department achieve operational efficiencies and reduce compliance risk," Elie Lasker, head of corporate markets at Swift, added in a news release. "The eStatements project effectively eliminates the requirement to issue paper statements, and is therefore more reliable, cost-effective and environmentally friendly."
The Society for Worldwide Interbank Financial Telecommunication, or Swift, is a member-owned cooperative through which banking organizations and financial institutions exchange messages.
