As a condition precedent to using SWIFT's messaging services, an organisation must be registered as an authorised SWIFT user under one of the SWIFT user categories. SWIFT has defined a number of SWIFT user categories. In addition, the eligibility criteria are complemented by applicable local rules and regulations from the nation of the applicant. Any organisation that wishes to apply for SWIFT usership must comply and ensure continued compliance with these eligibility criteria and local applicable rules and regulations.

1. Supervised Financial Institution

  • Is an entity that engages in payment, securities, banking, financial, insurance, or investment services or activities, and that, for such purposes
    1. is (i) licensed by or (ii) authorised by or (iii) registered with a Financial Market Regulator, and
    2. is subject to supervision by a Financial Market Regulator or
  • an international, supranational, intergovernmental or national governmental body or institution that as a main activity engages in payment, securities, banking, financial, insurance, or investment services or activities (including central banks).

2. Non-Supervised Entity active in the financial industry

  • is an entity whose main activity is to:
    1. engage in payment, securities, banking, financial, insurance, or investment services or activities to Supervised Financial Institutions and/or to third parties unrelated to the Non-Supervised Entity, or
    2. engage in services to Supervised Financial Institutions and/or to third parties unrelated to the Non-Supervised Entity, which services support financial transaction processing by means of communicating and processing information and which services require the sending of messages in the Non-Supervised Entity's own name, and
  • is not subject, for such purposes, to supervision by a Financial Market Regulator, and
  • is an entity which:
    1. is a duly incorporated, validly existing, and duly organised legal entity, and
    2. is in good standing financially and with respect to compliance with applicable laws and regulations, and
    3. is subject to regular audits in accordance with internationally recognised accounting standards by an independent audit firm and
  • is an entity which:
    1. is majority-owned by a(n) entity(ies) in the user category of Supervised Financial Institution, or
    2. is recommended by three entities in the category of Supervised Financial Institution unrelated to the Non-Supervised Entity applicant. Recommendation means that the Supervised Financial Institution knows the applicant and confirms its willingness to conduct, directly or indirectly, business with the entity over SWIFTNet.

3. Closed User Groups and Corporate Entities

For the following SWIFT user categories, except for Treasury Counterparty, SWIFT user are only able to use SWIFT's messaging services in a Closed User Group. For each Closed User Group, an administrator defines the rules, the services and the admission criteria. The administrator is either the owner of the Closed User Group or SWIFT.

  • Corporate;
  • Financial Market Regulator;
  • Payment System Participant;
  • Securities Market Data Provider;
  • Securities Market Infrastructure System Participant;
  • Service Participant within Member-Administered Closed User Group;
  • Treasury Counterparty.

Please refer to “SWIFT and Corporates” section to get more information on specific of joining procedure for this user category.

News

01 June, 2017

Customer Review