Secure and Swift Small Payment Solutions

When it comes to sending international payments, speed and security are key. That’s why many companies rely on the Society for Worldwide Interbank Financial Telecommunications (SWIFT) system.

The SWIFT network connects over 11,000 financial institutions across 200 countries and territories with standardized messaging. It also powers the IBAN and BIC codes that identify banks globally.
Faster Payments

In a world where value shifts across greater distances than ever before, the ability to move money seamlessly and quickly is essential. For this to happen, there needs to be a global banking system that’s open and secure, innovative and resilient. It also must offer transparency on fees, especially for small businesses.

Today, the Swift network has an important role to play in this: it enables cross-border payments by providing a global messaging service that allows banks to communicate with one another. SWIFT messages include details of the payment instruction – a code, an account number and a reference – which are then sent to bank systems for processing. Banks can then debit and credit customer accounts in the destination country, using standardized codes to identify the sender and recipient banks.

The Swift system isn’t the only messaging service in the world, but it is by far the most widely used. Thousands of financial institutions use it to exchange transactional messages, particularly international wire transfers. Its success may be attributed to its reliability, security and the fact that it is overseen by central banks of its member countries.

Other message services include Fedwire, CHIPS and Ripple, but SWIFT remains the clear leader in terms of speed and reach. Its success may also be attributed to its ability to meet market needs, such as adding new features and languages, while maintaining the security of its system.

In addition to offering a global messaging service, SWIFT offers many other products and services for banks. These include pre-validation and case resolution functions, which help banks to verify that data – such as the receiver’s bank account number or BIC code – is complete and correct before sending payment instructions. This reduces operational, compliance and regulatory risk, while boosting efficiency.

Increasingly, people and companies around the world are doing business online, and they expect to be paid quickly, efficiently and transparently. That’s why it’s so important to work with a partner that can offer fast, secure, cross-border payments, and is committed to continuous innovation and improvement. Eastnets is ready to meet those expectations with our comprehensive suite of products and services, including SWIFT Go.
Competitive Fees

While SWIFT is a cooperative society, it does make money from its messaging system by charging members based on their usage volume. This helps keep costs low and ensures transparency for all users. The organization also offers a number of extra services, like business intelligence, professional apps, and global payments innovations.

SWIFT is a global messaging network that banks use to send and receive information about each other, including their bank details and money transfer instructions. Each member institution has a unique code (often referred to as a BIC or SWIFT number) that identifies them, along with their location, city, and branch. These codes are globally recognized and unique, making it easy for banks to identify each other and exchange messages.

In addition to the messaging system, the organization also provides a clearinghouse service for international wire transfers. The service helps reduce delays, provide confirmation of funds, and track transactions. The organization’s popularity is largely due to its reliability and security. While other real-time messaging services exist, such as Ripple and Fedwire, SWIFT continues to retain a dominant position in capital markets. This can be attributed to its security and the fact that it continues to add new message codes for different types of financial transactions.

Despite the many advantages of the SWIFT network, not every company needs to use it. For example, if your company doesn’t have a permanent establishment in a country, you can still use local payment methods such as ACH in the United States, SEPA in Europe, or Faster Payments in Hong Kong. These can be much quicker and cheaper than sending a SWIFT transaction.

The cost of using a non-SWIFT solution can also be significant. Some alternative services charge a flat fee for every transaction, while others can charge more per individual transaction. These additional fees can quickly add up and make the difference between a competitive price and an unprofitable one.

Choosing the right solution can help you save on fees and get more value from your messaging service. Choosing a provider that offers a comprehensive treasury management suite and manages your SWIFT connection can make all the difference in the world of global payments. For instance, FIS offers a unified solution with embedded SWIFT Services that can eliminate the need for a separate SWIFT connectivity service bureau.
Transparent Fees

In a recent global survey of consumers and small businesses on attitudes toward low-value cross-border payments, security and transparency were named as the top factors in choosing a provider. Around 70% of both groups said they would not use a service again if they were charged hidden fees. The same survey also found that around 40% of consumers and SMEs would not use a bank that does not clearly display their rates on their website.

As the leading global financial messaging system, SWIFT helps to connect the world’s banking community and provide a trusted environment for transferring money. This allows for the smooth transfer of funds from one institution to another, with the ability to verify and validate information and transactions.

With standardized communications, the entire network has access to the same payment data and can easily identify any errors or problems. This is beneficial for the payer and payee as it reduces misunderstandings and allows them to take action quickly.

However, even with the standardization of communication, international wire transfers can be complex and costly. Oftentimes, the banks involved have different fees and charges for their services, which can add up to large costs. Plus, the lead time for processing can vary considerably between countries, adding to uncertainty and frustration.

To make the most of your SWIFT payments, it is important to choose a service that simplifies this process for you. Using an integrated business-to-business (B2B) payments platform like Routable, for example, streamlines your SWIFT payments into one simple, easy-to-manage process. The platform enables you to track invoices and remittance data in real-time and with full transparency, resulting in less confusion for your finance team and faster AP cycles over time.

In addition to yearly dues, the SWIFT network generates income through its services and offers additional revenue streams including business intelligence, compliance fees, and global monitoring systems. Its 2017 launch of Global Payments Innovation (GPI) further improves cost transparency and enables payment tracking from beginning to end, answering the growing demand for speed, security, and transparency in international payments. As a member-owned organization, SWIFT is incentivized to deliver these improvements for the benefit of all members. 핸드폰소액결제현금화
Payment Tracking

A quick and efficient payment system is essential for businesses of all sizes. Small to medium-sized enterprises in particular need fast payments and lower processing fees, especially in today’s cost of living crisis. Luckily, there’s an answer: SWIFT Go.

SWIFT is a global banking system that allows you to send and receive money from banks across the world, in any currency. All you need is the recipient’s bank’s code and their account number to make a transaction happen. It’s perfect for paying foreign suppliers or employees, as well as sending invoices to customers from all over the globe.

In short, you provide your recipient’s bank with their SWIFT code (which also includes a unique identifier for the sender), along with their account number or BIC code, which tells their bank where to direct the funds. This information is then sent via the SWIFT network to the beneficiary’s bank, where they debit and credit their accounts. Once the transfer is complete, they let you know by sending a confirmation message to your own bank.

These messages are transmitted through a secure network using standardized codes and formats, which minimizes the costs associated with translations and the need to verify the identity of counterparties and customers. In addition to its messaging services, SWIFT offers a variety of additional solutions for business intelligence, professional apps and global payments innovation. It also provides reporting and utilities for Know Your Customer (KYC), Anti-Money Laundering and Sanctions compliance.

A recent survey of 7,000 consumers and SMEs revealed that security was the most important consideration for low-value cross-border payments, followed by trust and transparency of fees. In fact, around 70% of respondents said that they would not use a service again if they were to experience hidden fees in their transactions.

To help ensure transparency and avoid surprises, consider using a trusted messaging service like Eastnets PaymentSafe to handle all your SWIFT messages. It offers a simple, convenient and cost-effective way to send your payments globally while staying compliant with AML regulations. In addition, it reduces the need for you to invest in costly in-house expertise.