PowertoPay one of the nine chosen applications chosen by SWIFT
Financial messaging and services cooperative SWIFT has extended its cloud-based connectivity solution Alliance Lite2 to business applications, according to a statement released at the SIBOS 2014 Boston conference and exhibition.
PowertoPay, the provider of the SaaS Corporate Payment Hub in the Netherlands, is the first Dutch Alliance Lite2 supplier. The SWIFT connection allows PowertoPay customers to connect to more than 10,500 financial institutions in 215 countries.
Alliance Lite2 for Business Applications allows applications providers to add SWIFT connectivity to existing software applications, “delivering end-customers the advantages of global reach and secure financial communications across multiple business segments,” according to the statement.
Alliance Lite2 provides secure, cloud-based connection to the SWIFT network, so that end-users don’t need to host and maintain their own infrastructure.
Alliance Lite2 for Business Applications allows providers to easily integrate Lite2 with existing software applications, offer multi-bank solutions to clients, connect their applications to SWIFT’s 10,500 plus membership and thus move closer to offering clients a “one-stop-shop solution.”
The Alliance Lite2 support is available for cloud application providers in business segments including payments, cash management, trade, securities and funds. SWIFT plans to expand availability to new market segments in the future.
Currently, nine of the software providers in cash and treasury management have enabled 25 new corporates to connect to SWIFT via the new solution, according to the statement.
“After a very successful Early Adopter phase SWIFT has now expanded the benefits of Alliance Lite2 into the software application space,” says Juan Martinez, managing director, SWIFT Software Business and the SWIFTLab, in a statement.
“Application providers can now combine the value of their applications with out-of-the-box SWIFT connectivity. For end customers this means the ability to reach more banks worldwide, rapid implementation and secure financial communications,” Martinez says.
By incorporating Alliance Lite 2 in the PowertoPay Corporate Payment Hub, the gateway to international payments for PowertoPay customers has opened.
PowertoPay’s Commercial director Bas Huisman states: “We have noticed that the nature of payments has become increasingly international. Our customers want to be able to connect with foreign as well as domestic financial institutions. Via the SWIFT connection, our platform is able to reach these foreign institutions”. The PowertoPay Corporate Payment Hub is fully integrated with the SWIFT network and no further technical setup is needed. Via the SWIFT network, PowertoPay customers are able to send bulk payment files, but customers are also able to manually create SWIFT individual payment messages (MT101) via SWIFT FIN. “PowertoPay is a one stop shop service provider. Besides arranging the technical setup for our customers, we also are the Single Point of Contact for our customers. Naturally, every customer gets their own BIC-code with a full connection to SWIFT”, says Bas Huisman.
Do you want to know more about this easy way to use SWIFT in payments? Feel free to contact us!