Swift Score Agreement

By default, every entry from the company to SWIFT is published with the SCO service code. Any request not to be published as a SCORE MUST participant be published in joining.generic@swift.com One of the problems for companies that join SWIFT is that they must sign a score agreement with their banks regardless of the BIC option (bank identity codes) they use (i.e. with their BIC or a BIC hub). Corporate customers and LBBW can communicate via one of these services via SWIFT for businesses. To do this, it is necessary to sign a MACUG or SCORE master contract between the corporate clients and LBBW. Reval, which uses Fides as the main corporate-bank connectivity solution, said: “In using the BIC from the Fides Agency, there is no need to sign a score agreement with the Bank. The score agreements specifically address the terms of use of a corporate BIC to connect to the bank via SWIFT. In the use of Fidesfide, the client uses the financial institution BIC of Fides, all BIC-to-Bank agreements are implemented by the Fides Agency and the client inherits all these relationships. The only paperwork a client must make for the use of BIC Fides is a mandate letter sent to the Bank, which states that he uses the Fides Agency BIC to establish a link with the Bank. Reval sends the model mandate to the client. However, the SCORE service is also based on a closed user group managed by SWIFT.

Any company registered with SWIFT for SCORE is allowed to communicate with all participating banks via the SWIFT network. But to really make life easier and reduce costs, we need international standards of communication between companies in the field of commerce, and these must be geared towards corporate-to-bank messaging for the financing and payment of trade. Over the years, there have been several different initiatives, including TWIST and, more recently, ISO 20022, that have made progress in payment bond standards for corporate or bank payments, but there have also been a few missed opportunities. Where have we been six months since the introduction of SCORE? According to figures provided by SWIFT, there are 209 companies on SWIFT, with 58% still in Europe, 20% in the US, 8% in Asia and 14% in the rest of the world. See Figure 1 below. But is this a big step forward? Score went live in January 2007 and since then, 28 companies have joined (two were already members for the pilot phase and have a total of 30 SCORE members). The other companies were members of previous attempts to convince companies to use SWIFT, namely the Cash Confirmation Service (TRCO) and the Member-managed Closed User Groups (MA-CUGs). If we assume that the percentages work in the 28 new members, that is 16 members in Europe, six in the United States, four in the rest of the world and two in the entire Asia-Pacific region. This is a good start, but there is still a long way to go before SWIFT achieves its goals. Changing the status of rights (examples and instructions) More banks need to provide their services via SCORE to enable more companies to manage their standard multibank relationships. This is an area that SWIFT could focus on by encouraging the role of SCORE and fileAct in more banks in order to accelerate the necessary network effect.

A major problem for companies using SWIFTNet is that banks use standard SWIFT messages to communicate account status, transactions and payment messages data differently, for example.B.

This entry was posted in Uncategorized. Bookmark the permalink.

Comments are closed.