The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Treasury

Swift customers step up to standards

Most companies using Swift have met the deadline for attesting to the customer security controls framework (CSCF), paving the way for stronger security and control in payments messaging.

deadline-stopwatch-600

Swift announced last year it required those using its messaging systems to meet a set standard of security. The first deadline to attest that steps have been taken, but without the need to have met full compliance, was December 31.

Since the deadline, the company has disclosed that 89% of its customers had attested to the mandatory levels. These customers represent 99% of all the financial messages sent along its network. And since Swift reported seeing 7.2 billion messages sent during 2017, an average of 28.14 million messages a day, it is not an inconsiderable number.

James-Richardson-160x186
James Richardson,
Bottomline Technologies

James Richardson, head of market development, risk and fraud, at Bottomline Technologies, says the move has been well received in the most part, adding: “Introducing the controls has created a new minimum standard. For some it will require a lot of work to meet this standard. There are 11,000 companies on Swift that need to be brought up to speed.” 

Richardson says Swift’s customers are divided into three distinct groups.


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree