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.
The Society for Worldwide Interbank Financial Telecommunication said Wednesday that Citigroup (C) has agreed to use SWIFT’s Value Added Network to connect to T2S, a pan-European platform for settling securities transactions.
According to Swift, the compatibility of Swift’s network with Citigroup’s current software and systems partly spurred Citigroup to choose Swift for T2S.
“We are confident that SWIFT is the right T2S connectivity solution for Citi, bringing unmatched benefits in terms of resilience, price and infrastructure reuse, and we look forward to working closely with SWIFT to implement its solution to meet our specific needs,” Lee Waite, global head of direct custody and learning at Citigroup’s transaction service unit, said in a news release.
“We are delighted that Citi has decided to leverage SWIFT to connect to T2S, and we thank Citi for its confidence that SWIFT’s is the most reliable, cost effective and strategic solution for T2S connectivity,” Alain Raes, Swift’s chief executive for Europe, the Middle East and Africa, added in a news release.
T2S, which is being developed by the central banks of Germany, France, Spain and Italy, is expected to standardize securities settlement throughout Europe.
Swift, a member-owned cooperative through which banking organizations and financial institutions exchange messages, said Tuesday that more than 1,000 corporations have joined its corporate treasury user community.