Swift customers step up to standards
Euromoney, is part of the Delinian Group, Delinian Limited, 4 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730
Copyright © Delinian Limited and its affiliated companies 2024
Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement
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.

“There are splits between companies as to the levels they are at.


Gift this article