SCORE enables corporates to interact in a standardised way with participating SWIFT financial institutions. SCORE pilot programme participants included Alstom, Arcelor Mittal, CIBA, Danone, Gaz de France, General Electric and Microsoft, together with ABN Amro, Bank of America, Barclays, BNP Paribas, Citigroup, Deutsche Bank, HSBC, ING, JPMorgan Chase, Nordea, Société Générale and UBS.
The initial focus of SCORE will be on cash management and treasury. Additional bank services such as exceptions and investigations, trade services and investment services are expected to follow.
Commenting on the SCORE model, Franck Bruyère, Manager of Alstom's treasury back-office said, "We look forward to communicating with our banks through SWIFT. As early adopters of the new SCORE model, we believe it is now easier for corporates to leverage SWIFT."
Luc Meurant, Head of Corporate Access Programme, SWIFT, added, "SCORE brings two major benefits to corporates and financial institutions: increased efficiency and most importantly – stronger standardisation. Pilot participants took the lead in confirming the value this offering brings to both financial institutions and corporates. Now we are delighted to report other financial institutions and corporates are registering for SCORE at a rapid pace."
Note to Editors :
About SWIFT and corporates
Corporates have been able to use SWIFT to interact with their financial institutions since 1998, through the Member Administered Closed User Group (MA-CUG) and Treasury Counterparty (TRCO) models. In June 2006 at the Annual General Meeting, SWIFT shareholders overwhelmingly approved by 98.6% the creation of a new corporate access model, complementing the MA-CUG & TRCO models which are still available for those corporates not eligible for the SCORE model. Today, over 175 corporates are connected via SWIFT to more than 125 financial institutions.
About SWIFT
SWIFT is the industry-owned co-operative supplying secure, standardised messaging services and interface software to nearly 8,000 financial institutions in 206 countries and territories. SWIFT members include banks, broker-dealers and investment managers. The broader SWIFT community also encompasses corporates as well as market infrastructures in payments, securities, treasury and trade. Over the past ten years, SWIFT message prices have been reduced over 80%, and system availability approaches 5x9 reliability — 99.999% of uptime.
For more information about this press release, please refer to www.swift.com
The initial focus of SCORE will be on cash management and treasury. Additional bank services such as exceptions and investigations, trade services and investment services are expected to follow.
Commenting on the SCORE model, Franck Bruyère, Manager of Alstom's treasury back-office said, "We look forward to communicating with our banks through SWIFT. As early adopters of the new SCORE model, we believe it is now easier for corporates to leverage SWIFT."
Luc Meurant, Head of Corporate Access Programme, SWIFT, added, "SCORE brings two major benefits to corporates and financial institutions: increased efficiency and most importantly – stronger standardisation. Pilot participants took the lead in confirming the value this offering brings to both financial institutions and corporates. Now we are delighted to report other financial institutions and corporates are registering for SCORE at a rapid pace."
Note to Editors :
About SWIFT and corporates
Corporates have been able to use SWIFT to interact with their financial institutions since 1998, through the Member Administered Closed User Group (MA-CUG) and Treasury Counterparty (TRCO) models. In June 2006 at the Annual General Meeting, SWIFT shareholders overwhelmingly approved by 98.6% the creation of a new corporate access model, complementing the MA-CUG & TRCO models which are still available for those corporates not eligible for the SCORE model. Today, over 175 corporates are connected via SWIFT to more than 125 financial institutions.
About SWIFT
SWIFT is the industry-owned co-operative supplying secure, standardised messaging services and interface software to nearly 8,000 financial institutions in 206 countries and territories. SWIFT members include banks, broker-dealers and investment managers. The broader SWIFT community also encompasses corporates as well as market infrastructures in payments, securities, treasury and trade. Over the past ten years, SWIFT message prices have been reduced over 80%, and system availability approaches 5x9 reliability — 99.999% of uptime.
For more information about this press release, please refer to www.swift.com