With active connection to the SWIFT network a Corporate has an opportunity of use SWIFT standardised financial messages trusted and used globally. SWIFT messages cover all business operations: from customer credit transfers, account statements to forex and securities operations. Using standardised messages with banks allows to simplify business processes, and also to operate cash flows and other assets more effectively.

Corporate can join SWIFT in one of the following categories:

  • Treasury Counterparty;
  • Service Participant within Member-Administered Closed User Group;
  • Corporate (in the SCORE -Standardised Corporate Environment - model).

Please note your connectivity type does not depend on your user category. For connectivity options please refer to “SWIFT connection types” section.

Treasury Counterparty

SWIFT User Category “Treasury Counterparty” allows corporates to exchanges messages of Category 3 – Forex and Money markets – with financial institutions connected to SWIFT.

For financial institutions no special procedures are required to start message exchange with Corporate.

Participant within Member Administered Closed User Group (MACUG)

A Member-Administered Closed User Group (MACUG) is defined as a group of users selected by a SWIFT shareholder to participate in the Closed User Group as Service Participant and allowed to use SWIFT services and products to communicate with a service administrator. The service administrator should be a SWIFT shareholder or its designated sub-member and is responsible to set the admission criteria, to restrict the usage of SWIFT services and products. Corporates participating in the Closed User Group are allowed to use the SWIFT services and products to communicate exclusively with the service administrator. Upon joining in this SWIFT user category a corporate mush obtain a confirmation letter from the service administrator about intention to work in the MACUG.

Corporate for Standardised Corporate Environment (SCORE)

SCORE is based on a Closed User Group that caters for financial messaging between corporates and financial institutions. A corporate registered in the Closed User Group can interact with any financial institution member of SCORE, but Corporate-to-corporate and financial institution-to-financial institution messaging is not allowed. SWIFT administers SCORE, which, in particular, includes the following activities: managing the setup of SCORE, registration of participants for SCORE (set up and check the eligibility criteria), etc. As of 9 June 2016 SCORE is available to all financial institutions under user category “Supervised financial institution” without becoming a shareholder.

Please note there are only certain SWIFT messages allowed in SCORE. Please refer to SCORE Service description via the link.

To be eligible in the category of Corporate, the corporate entity should:

  1. be listed on a regulated stock exchange of a country that is a member of the Financial Action Task Force (FATF) , or
  2. be majority-owned by an entity that is eligible as per the criteria 1) above, provided it submits to SWIFT a Declaration of Ownership from the eligible parent entity.
    In addition, the entity must be:
    • duly incorporated, validly existing and duly organised legal entity
    • in good standing financially and with respect to compliance with applicable laws and regulations, and
    • subject to regular audit according to internationally recognised accounting standards by an independent audit firm, or
  3. be recommended by a SCORE financial institution (FI) that is located in a FATF member country and that participates in the SCORE Closed User Group. Recommendation means confirming its willingness to exchange traffic with that Corporate over SWIFTNet.

News

01 June, 2017

Customer Review