Citco unveils commercial gateway to SWIFT network
03 February 2022 US
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Citco Fund Services has launched a commercial gateway to provide financial institutions with access to the SWIFT messaging service.
The gateway enables financial institutions, such as banks, corporates, fintechs and alternatives managers, to access the SWIFT network via their own platforms.
It sits alongside Citco’s own middle office solutions’ treasury managed service, which also provides access to SWIFT for its clients.
The new gateway means institutions can use their own bank identifier code (BIC) to access the SWIFT network without having to build their own infrastructure to facilitate this access.
By accessing SWIFT via the gateway, users can cut down the amount of time employees need to carry out specific functions linked to SWIFT, including annual SWIFT compliance and annual audits, Citco says.
As well as the commercial gateway, Citco also houses its own SWIFT Gateway available to clients using its Æxeo Treasury platform, giving clients access to SWIFT via Citco’s own BIC code.
The new commercial gateway allowing access to SWIFT is available to all third-parties, as well as current Citco clients.
Ryan Fitzgerald, head of middle office solutions, Citco Fund Services (USA), says: “Any best-in-class middle office solutions treasury managed service uses the SWIFT network, and our combination of the commercial gateway and our own treasury service means we are providing flexibility and choice.”
He adds: “The access to SWIFT via either route saves clients both resources and time – it means they do not have to create and maintain their own SWIFT infrastructure service, while they also cut down on labour-intense activities, such as having to transact through multiple bank accounts.”
The gateway enables financial institutions, such as banks, corporates, fintechs and alternatives managers, to access the SWIFT network via their own platforms.
It sits alongside Citco’s own middle office solutions’ treasury managed service, which also provides access to SWIFT for its clients.
The new gateway means institutions can use their own bank identifier code (BIC) to access the SWIFT network without having to build their own infrastructure to facilitate this access.
By accessing SWIFT via the gateway, users can cut down the amount of time employees need to carry out specific functions linked to SWIFT, including annual SWIFT compliance and annual audits, Citco says.
As well as the commercial gateway, Citco also houses its own SWIFT Gateway available to clients using its Æxeo Treasury platform, giving clients access to SWIFT via Citco’s own BIC code.
The new commercial gateway allowing access to SWIFT is available to all third-parties, as well as current Citco clients.
Ryan Fitzgerald, head of middle office solutions, Citco Fund Services (USA), says: “Any best-in-class middle office solutions treasury managed service uses the SWIFT network, and our combination of the commercial gateway and our own treasury service means we are providing flexibility and choice.”
He adds: “The access to SWIFT via either route saves clients both resources and time – it means they do not have to create and maintain their own SWIFT infrastructure service, while they also cut down on labour-intense activities, such as having to transact through multiple bank accounts.”
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