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Corporate Onboarding made easy
Tom Alaerts, Head of Business Solutions, APAC
April 19, 2016 – Taipei
Why are corporates connecting to SWIFT?
Drivers for Corporate Banking Connectivity
• Aggregation of accounts worldwide• Intra-day / end of day balance• Cash forecasting for borrowing and investment activities
• Payment factories (A/P consolidation)• Treasury centralization • Consolidation of Bank relationships• ERP / TMS consolidation
• Secure and resilient connectivity to banks• ISO 20022 standards
Centralization and consolidation
Multibank cash reporting
Compliance and risk management
• Straight-through-processing
Automation
Evolution of Corporate groups on SWIFT
2006 2007 2008 2009 2010 2011 2012 2013 2014 20150
200
400
600
800
1000
1200
1400
1600
1800
52 119232
407594
819962
1135
1380
1539
YoY Corporates Adoption
Why are banks getting ready to offer SWIFT for corporate connectivity?
4
Perceived as Innovator with new
efficient channelfor multi-bank
corporates
New opportunities of businessGROWTH AND RETENTION
“SWIFT connectivity has grown in popularity amongst corporates worldwide, and since CMB introduced corporate connectivity through SWIFT in 2008, China is no exception. There are two groups of customers that we find are most attracted to SWIFT: Chinese companies with an international growth trajectory, and foreign multinational corporations investing in China. By implementing this, these companies enjoy a consistent experience when communicating with their banks worldwide.”
5
Wang WeiXing, Product Manager &Zhou MuYang, Product Manager, Cash Management, China Merchants Bank
Most commonly used messages by CorporatesFIN
MT940 Customer Statement (3 million statements sent by AP banks in 2014)
MT942 Interim Transaction Report (4 million reports sent by AP banks in 2014)
MT101 Request for Transfer
MT300 FX Confirmation
MT320 Fixed Loan/Deposit Confirmation
MT910 Confirmation of Credit
MT900 Confirmation of Debit
FileAct 0.5 million files transferred in 2014 between AP banks and global corporates
MT101, MX pain Payment instruction
MX camt, MT940 Reporting
The Challenges of onboarding your corporates
Many challenges towards efficient corporate onboarding:- Can you support corporate-related MT and ISO 20022
standards? (MT940,941, pain.001…)- How efficiently can you create and share your
specifications?- How efficiently can your corporates implement the
SWIFT messaging and how muchsupport does it take?
- How rich is your trade services offering?- New MT798 functionality
- Do you need integration support?- Do you need project
management support?- How well am I doing versus other banks?
Your Bank
Your Corporate
Your Corporate
Your Corporate
Step 1
Your Bank Readiness certification
Is your bank ready for SWIFT for Corporates?
It is a standardised corporate environment on SWIFTNet
It is based on a closed user group
It is administered by SWIFT
Corporates can interact with all banks registered in SCORE
Banks can interact with all corporates registered in SCORE
CORPBIC1
CORPBIC2
CORPBIC3 Your institution
SCOREStandardised Corporate Environment
Bank readiness certificationProgramme objectives
• Publish bank business capabilities over SWIFT
• Facilitate corporate reach for banks over SWIFT
• Enable corporates to increase their bank reach globally using SWIFT
• Promote the operational and commercial capabilities across banks
• Endorse bank’s best practices for corporates over SWIFT
Payments
Cash management
Treasury
Today’s Entry and Advanced Certification Criteria
Criteria Advanced certification Entry certification
Participate in SCORE Yes Yes
Receive FIN MT 101 and send MT 940 Yes Yes
Send MT 942 Yes No
Send/Receive files over FileAct* Yes* Yes*
Testing facilities & scripts Yes Yes
Operational documentation Yes Yes
Have SWIFT-knowledge and trained sales staff Yes Yes
Offer Basic commercial documentation Yes Yes
Provide either dedicated SWIFT-page on the bank website OR a contact detail Yes Yes
*Bank should comply with FA implementation guideBank Readiness 11
Bank Readinesshttps://corporates.swift.com/en/certification/
“It is important to note that the Barclaysteam is certified by SWIFT under thestringent “Bank Readiness Program” andcorporates have a clear view of the extentof the SWIFT capabilities of the bank.”
13
We can train both you and your corporate customers.
• One day training covering traditional messages like: MT 101 MT 940 MT 300On request also ISO 20022 messages, CGI guidelines, etc.
• Assistance with SWIFT onboarding process like: SWIFT-related Documentation Online application process Liaising with SWIFT Membership and Legal teams on behalf of the
Corporates.
SWIFT Onboarding – training and support
Step 2
Your Bank Readiness certification+Standards management tools+Integration support, standards consulting & training
Tackling the complexity of standards
A collaborative web platform
… to bettermanage standards and onboard customers
MyStandards Readiness Portal
Specifications and Testing for your customer
Machine specifications (schemas)
Your customer
Documentation (online + PDF)Analysts
Implementers& systems
Implementers& testers
Your Bank
ReadinessPortal
Publication
Test against specificationsover internet
All of your customers can test against your specific messaging formats on-
line at the click of a button!
Bank to Corporates segment
Customer testimonials: CITI
Source: Citi presentation, MyStandards User Group, La Hulpe, 18 November 2015
50% time saving !
Customer case study – British Council (Citi’s customer)
• Testing timelines were shortened by 50%• Citi implementation team was able to monitor testing progress and offer
timely advice to compress overall testing
“Citi’s support of SWIFT’s MyStandards proved to be highly efficient for us. With our developers having online access to Citi’s payment and formatting rules, development and testing was very rapid.”
Richard Symonds, Manager, Treasury Operations, British Council
Key Success Factors• Secured buy in from top down, ensured alignment of all key players• Started with small scope and demonstrated value. Then expanded• Use the kick-start package from SWIFT for a running start• Thoroughly tested the Usage Guidelines before opening up to clients
APR MAY JUN JUL AUG SEP OCT
Setup Governance Training and platform configuration Pilot with corporates Expansion to other markets
Live in UK
Customer case study: Barclays
5 months from licencing to live service
• “This removes the bottlenecks and streamlines the onboarding process to the point where we have enhanced the onboarding time for new clients from months to weeks” N̶ Nick Morrissey, Director, Cash Management Channels, Corporate Banking, Barclays
• MyStandards fully integrated in BAU processes• Significantly (70% +) faster implementation cycles• Onboard more clients quickly • Lighten the workload for subject matter experts
Summary: smooth onboarding experience
Fit for purpose yet consistent across the industry
• Dedicated portals for each onboarding project • Consistent industry approach• Intuitive platform • Applies across channels (SWIFT, host to host, e-banking) and formats
A discovery-based approach to understanding bank-specific formats
• Discover the specifications by testing against them• Easy to fix and re-test• If in doubt, go straight to the right place in the documentation• If needed, contact the bank support with very precise
SWIFT Services
– In-depth SWIFT technical knowledge
– Functional analysis from your infrastructure
– Solution design– End-to-end project
management– Development– Testing– Go live– Maintenance and customer
care
Full integration, standards consulting and trainingTailored implementation from design to implementation and support
Services
Integration
Standards
– Standards consulting– Expert assistance in all your
corporate to bank standards specifications, market practices, mapping and more.
Training
– Training– Training of your staff AND
your corporate customers in the use of MyStandards & Readiness Portal
– Training on the correc tuse of the standards.
Combining SWIFT services and SWIFT productsto offer a true end-to-end solution!
Summary
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