Hybrid SWIFT Service Bureau

Hybrid SWIFT Service Bureau

Fides unique Hybrid SWIFT Service Bureau offering allows the client to receive incoming SWIFT messages (e.g. statements, confirmation) or send outgoing SWIFT messages (e.g. payment instructions, confirmations) either through their own Corporate BIC or the Fides BIC. In the latter case, Fides is acting as the client’s agent in the SWIFT network and collects statements and sends instructions through its own BIC, which is a Financial Institution BIC. If the client uses Fides as his agent, he can profit from the already existing network of over 1400 banks worldwide for account reporting and over 800 secure SWIFT connections to banks for payments and instructions forwarding. Additional bank relations will be added on client request at any time. Through Fides as its agent, the client benefits from a broader reach of banks, larger spectrum of SWIFT messages, faster service roll-outs, easier bank mandate processes, less administration and greater flexibility.

However, there are also benefits of becoming a direct corporate member of SWIFT, especially when you want to use SWIFT for trading and asset management purposes. Additionally, there are various emerging services, which require a Corporate BIC such as eBAM (electronic Bank Account Management). In some cases, the client can benefit from better bank fees or straight-through-processing (STP) ratios if he uses a Corporate BIC.

With the Fides Hybrid SWIFT Service Bureau, the client has the greatest flexibility and can leverage the best of both worlds.