The world’s leading provider of business-to-business (B2B) e-commerce solutions, today announced that it is now a SWIFT Service Bureau provider. The new service creates the world’s largest “B2Bank” business network by establishing interoperability between the largest networks for financial transactions and B2B e-commerce across all continents, giving companies a single way to connect with banks, suppliers and customers.
The GXS SWIFT Service Bureau provides an outsourced IT service to manage a company’s banking transactions, including payments, foreign exchange and securities processing, without the burden and costs of managing the associated technology infrastructure.
With today’s increased focus on financial transparency, businesses are seeking better visibility and tighter integration with their banking partners. With the GXS SWIFT service, treasury groups can gain visibility to their cash positions across their banking relationships. Increased cash visibility improves liquidity management and allows organisations to maximise their working capital.
“Access to the SWIFT network gives corporate treasury groups two things that are on top of their list these days: simplifying their banking transactions and improving transparency and control,” said Susan Feinberg, senior research director, TowerGroup. “The ability to manage both banking services and B2B e-commerce through a single provider is a major advantage to businesses in today’s challenging economic environment.”
“Secure, reliable integration with financial institutions is mandatory for most businesses around the world,” said David Pryce, head of partner and channel management, SWIFT Americas. “With 40,000 customers, GXS is a significant addition to the SWIFT partner network and we are delighted to work with them on this new service.”
“At GXS, we’re seeing a clear trend of companies rationalising the number banking relationships to improve Treasury operations,” said Mark Mixter, senior global product manager for financial services, GXS. “As corporate treasurers look for efficiencies, they are often restructuring back office operations and using SWIFT Corporate Access to standardise their B2Bank integration channels.”
SWIFT: the world’s financial network.
SWIFT manages the world’s largest network for financial transactions. Each day, more than 9,000 banking organisations, securities institutions and corporate customers across 209 countries trust the member-owned cooperative to safely exchange millions of standardised financial messages.
Based in Belgium, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) provides the communications platform and services that allow its customers to connect and exchange financial information, and also leads the financial community in defining standards. SWIFT standards define the exchange of payment instructions, bank statements, foreign exchange transactions and securities holdings reports.
Corporate treasury departments use SWIFT to simplify their connections and straight-through processing (STP) of financial payments and messages with their banking partners while improving the visibility of their cash positions and securities holdings. Financial institutions rely on SWIFT to better serve their customers and to provide secure, automated treasury management services.
Features: GXS SWIFT Service Bureau.
The GXS SWIFT Service Bureau is available today for customers of GXS Managed Services and GXS Trading Grid, giving banks and corporations a single platform for automating B2B e-commerce communications.
Key features include:
• SWIFTNet Services, supporting exchange of messages and files across SWIFTFIN, InterAct and FileAct services.
• Network Protocol Mediation, supporting Internet protocols AS2, AS3, SFTP, FTPS, HTTPS and MQ.
• Messaging Transformation, including any-to-any transformation services to convert messages to and from SWIFT MT/FIN ISO 20022 XML, SAP IDOC, Microsoft Excel, EDI, XML and proprietary formats.
• Non-SWIFT Connections, to establish direct Internet-based connections to banks that do not support SWIFT or prefer a direct connection.
• Partner On-boarding, to connect, test and roll out partners using a proven five-phase process.
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GXS (gxs.co.uk) is the world’s leading provider of B2B e-commerce solutions. The company’s software and services simplify and enhance how networks of businesses integrate business processes and collaborate among trading partners. Organisations worldwide, including more than 75 percent of the Fortune 500, use GXS solutions to extend their supply chain networks, optimise product launches, automate warehouse receiving, manage electronic payments and gain supply chain visibility. Based in Gaithersburg, Maryland, GXS has operations and offices around the world.
Media Contact: Denise Oakley, Marketing Programmes International, GXS / T: +44 (0) 1932 776408 / +44 (0) 7768 537 481