The global financial cooperative Swift announced Tuesday that Union Credit Bank in Miami is using its Alliance Lite service to connect to SwiftNet.
The low-cost connection, which employs Swift security credentials stored in a flash drive to access SwiftNet online, will help the $154 million-asset Union Credit Bank expand into new areas, Fernando A. Capablanca, Union Credit's president and chief executive, said in Swift's press release. Using SwiftNet will help us "grow our trade finance business by allowing us to expand our international correspondent banks network."
Swift, formally the Society for Worldwide Interbank Financial Telecommunication, announced Alliance Lite in September 2008. Today 200 banks and corporations globally are using the service.