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Dispelling the mysteries of modern payments innovations
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The following is a curated list of questions posed to us by our clients, fellow financial community professionals, and the attendees of our recent webinar series.
Responses come from our internal experts on Swift technologies, as well as through direct consultation with colleagues at Swift. The majority of information was generously provided by IntellectEU’s Head of Swift Programs, Hryhorii Vasylenko.
We hope you find it helpful.
Firstly, Swift can help with onboarding for particular services, and institutions can choose to go with a Swift Complementor, such as IntellectEU, who are experts in Swift technologies.
One common challenge is that there is insufficient in-house knowledge about how certain solutions should be implemented. For example, when integrating with Swift APIs, institutions might lack knowledge about how the security mechanisms should be used or how connectivity footprints, like Swift SDK or Swift Microgateway, should be used. Consultancies and consulting services can help to mitigate these risks and avoid costly delays.
Our experts suggest starting by implementing payment prevalidation, as this can save institutions time and cost by allowing, for example, the verification of the beneficiary account information and name, even before the payment has been sent to the network.
While Swift Transaction Screening is not supported as standard with Swift Essentials, it is possible to implement this as well. Again, this allows AML screening, even before the message has been sent to the network.
Whether you choose to go with Swift or a Swift Complementor like IntellectEU, technical experts are available to assist institutions in the implementation of various solutions included in the Swift Essentials offering. This means that whichever services you select, there will be a helpful set of hands to guide you through the planning process and to ensure that any risks from implementation can be spotted, mitigated, and navigated before they become an issue.
When the message is transmitted to Alliance Cloud, there is the encryption and message signing. Swift verifies that the signature of the message, the certificate, is correct. The traffic in this case is encrypted.
When using Swift SDK, the system will use the certificate issued by Swift to, first of all, authenticate your session, to send the JSON web token to Alliance Cloud. Then it will also receive an access token to transmit the message. This permissioning ensures data security at every stage of message transmission.
Once within the Swift environment, data is protected by different security measures common to enterprise-grade and banking infrastructure.
In the past, Swift provided physical boxes for VPNs. Now Swift also offers virtual boxes for VPNs, which can be deployed in the public cloud, adding an extra layer of security.
For domestic banks, this depends on the RTGS system that you have, whether it is on a Y-copy or a V-copy. There are plans in Swift’s roadmap to support the Y-copy, but currently Swift handles this on a case-by-case basis.
Yes, Fin, FINplus, and FileAct services are all supported by Alliance Cloud.
This depends on the provider of the screening service. Third-party screening services cannot be directly integrated with Alliance Cloud. For this reason, they must be called before a message is sent to Alliance Cloud. However, this is a scenario where IntellectEU can offer support through Catalyst Integration Manager, our enterprise-grade integration platform.
Catalyst can integrate with various third-party systems, including screening services. In this situation, our solution sits between the back-office application and Alliance Cloud. Whenever a message is intended to be sent to Swift, it will first reach Catalyst, then be forwarded to the screening solution, a response will be generated and returned to Catalyst, and then finally a message will be sent to Swift Alliance Cloud, and vice versa.
Swift also provides the AML solution Transaction Screening.
Transaction Screening can be used together with Alliance Cloud. There are various ways to use this. Transaction Screening can be implemented as a white copy option. In this scenario, when a message is sent to Alliance Cloud, and then further to the network, the message will go through the Transaction Screening service.
Another option for Transaction Screening can be accessed through Swift API services. This option comes with the benefit of allowing institutions to screen transactions even before messages are sent to Alliance Cloud. Similarly, integration with Swift APIs can be easily supported through IntellectEU’s Catalyst Integration Manager.
There are many aspects that impact the likely time frame. The main contributor to the length of implementation is the back office system.
Swift footprint deployment, such as configuring and provisioning Swift SDK or Swift Microgateway can be achieved relatively quickly. Swift also provides supporting documentation for this, and implementation can be accelerated through consultancy services, either from Swift or from a Swift Complementor like IntellectEU.
For this reason, ultimately, it is likely to be the considerations around back-office readiness, and not connectivity, that will lead to a longer or shorter implementation period. The average timeline for implementing Swift APIs varies from anywhere between 3 and 6 months
For Swift Alliance Cloud, it depends on various factors, for instance, whether it is full stack, whether it is being delivered for an ARG customer, or whether there are any custom integrations, etc. Typically there is an assessment by Swift’s teams, but the average time for implementation is around 4 months.
The more puzzles there are to solve, the longer implementation will take.
While typical implementation of Alliance Cloud requires around 4 months, migrating from Alliance Lite 2 can make this transition quicker.
Yes, Swift Alliance Cloud and Swift APIs both support test connectivity. And specifically for Swift APIs, there is a sandbox, a non-production, non-pilot environment where developers can experiment and practice following the configuration instructions, sending requests, and receiving mocked responses so that they can begin configuring the back office systems.
No, the Swift Alliance Cloud interface is linked to Swift Alliance Cloud, and Swift also has its own screening solution.
From the perspective of integration, however, if a customer is using a screening solution from a third-party provider, it is possible to use IntellectEU’s Catalyst Integration Manager to enable this and leverage our user interface in doing so.
This depends on your Alliance Access setup: how complex it is, whether it has custom integrations with the IPLA component, etc. If the setup is basic and standard, then the migration is on the easier side. If on the other hand, the setup makes use of custom integrations, then you may wish to consider contracting Swift Enablers, like IntellectEU, who can assist in redesigning your architecture and find the best solution for reintegrating with Swift Alliance Cloud.
Swift has a positive stance on blockchain and has engaged in blockchain interoperability experimentation with several financial institutions. Details can be found in Swift’s articles here and here.
The maintenance of Alliance Cloud is managed by Swift.
The Alliance Cloud live environment foresees a limited number of planned maintenance periods throughout the year, occurring between Saturday 16:00 GMT to Sunday 05:00 GMT. During this downtime window, Alliance Cloud live environment may be unavailable either for the whole duration of the downtime or only intermittently. See all maintenance periods on Swift Operational Status > Planned maintenance > Other Swift services.
The Alliance Cloud test environment foresees a limited number of planned maintenance periods throughout the year, occurring between Friday 12:00 GMT to Saturday 00:00 GMT. During this downtime window, Alliance Cloud test environment may be unavailable either for the whole duration of the downtime or only intermittently. See all maintenance periods on Swift Operational Status > Planned maintenance > Other Swift services.
By the end of 2024 Swift plans to release MQ Connector on Microgateway, which is an additional back-office connectivity option. Please see: https://www2.swift.com/knowledgecentre/kb_articles/5024881
The fee for Swift Essentials is fixed and invoiced in January
The Alliance Cloud File Connector functionality will be supported beyond the end of support date of SIL. By the end of 2025, Swift plans to release a File Connector on Microgateway (MGW) as an alternative to the SIL File Connector.
Customers who use the API Connector should use the Swift Messaging API after the end of support for SIL.
Catalyst Integration Manager provides a seamless integration with Alliance Cloud through Swift Messaging API.
SWIFT provides its products and services worldwide and has a long-standing experience in addressing risk and regulatory requirements applicable to its customers' subscription and use of its products and services, regardless of the jurisdictions in which they operate.
Alliance Cloud is a highly standardized Swift product, offered to all Swift customers in the same automated manner as its Swift messaging services. Notably, the messaging data processed through Alliance Cloud are precisely the same as those processed through the Swift messaging platform.
Since Alliance Cloud relies materially on Swift's core platform, security, and data protection controls, it also benefits largely from these related controls and processes. Additionally, Swift’s international cooperative oversight, corporate governance, financial stability, security and internal controls, reporting and monitoring environment as described in the Alliance Cloud Service Description, meet professional business standards and are aligned with professional risk management practices and compliance requirements.
Additionally, Swift appoints an external auditor to review on an annual basis the then current control policies and controls related to Alliance Cloud. Such a review is made in accordance with the ISO 27001 certification standards established by the International Organization for Standardization.
No problem. Reach out to our payments experts at Swift@intellecteu.com with any queries or to discuss your payments modernization initiative.
And if you are interested in enabling Swift Essentials with Catalyst Integration Manager, our experts would be happy to help.
The following is a curated list of questions posed to us by our clients, fellow financial community professionals, and the attendees of our recent webinar series.
Responses come from our internal experts on Swift technologies, as well as through direct consultation with colleagues at Swift. The majority of information was generously provided by IntellectEU’s Head of Swift Programs, Hryhorii Vasylenko.
We hope you find it helpful.
Firstly, Swift can help with onboarding for particular services, and institutions can choose to go with a Swift Complementor, such as IntellectEU, who are experts in Swift technologies.
One common challenge is that there is insufficient in-house knowledge about how certain solutions should be implemented. For example, when integrating with Swift APIs, institutions might lack knowledge about how the security mechanisms should be used or how connectivity footprints, like Swift SDK or Swift Microgateway, should be used. Consultancies and consulting services can help to mitigate these risks and avoid costly delays.
Our experts suggest starting by implementing payment prevalidation, as this can save institutions time and cost by allowing, for example, the verification of the beneficiary account information and name, even before the payment has been sent to the network.
While Swift Transaction Screening is not supported as standard with Swift Essentials, it is possible to implement this as well. Again, this allows AML screening, even before the message has been sent to the network.
Whether you choose to go with Swift or a Swift Complementor like IntellectEU, technical experts are available to assist institutions in the implementation of various solutions included in the Swift Essentials offering. This means that whichever services you select, there will be a helpful set of hands to guide you through the planning process and to ensure that any risks from implementation can be spotted, mitigated, and navigated before they become an issue.
When the message is transmitted to Alliance Cloud, there is the encryption and message signing. Swift verifies that the signature of the message, the certificate, is correct. The traffic in this case is encrypted.
When using Swift SDK, the system will use the certificate issued by Swift to, first of all, authenticate your session, to send the JSON web token to Alliance Cloud. Then it will also receive an access token to transmit the message. This permissioning ensures data security at every stage of message transmission.
Once within the Swift environment, data is protected by different security measures common to enterprise-grade and banking infrastructure.
In the past, Swift provided physical boxes for VPNs. Now Swift also offers virtual boxes for VPNs, which can be deployed in the public cloud, adding an extra layer of security.
For domestic banks, this depends on the RTGS system that you have, whether it is on a Y-copy or a V-copy. There are plans in Swift’s roadmap to support the Y-copy, but currently Swift handles this on a case-by-case basis.
Yes, Fin, FINplus, and FileAct services are all supported by Alliance Cloud.
This depends on the provider of the screening service. Third-party screening services cannot be directly integrated with Alliance Cloud. For this reason, they must be called before a message is sent to Alliance Cloud. However, this is a scenario where IntellectEU can offer support through Catalyst Integration Manager, our enterprise-grade integration platform.
Catalyst can integrate with various third-party systems, including screening services. In this situation, our solution sits between the back-office application and Alliance Cloud. Whenever a message is intended to be sent to Swift, it will first reach Catalyst, then be forwarded to the screening solution, a response will be generated and returned to Catalyst, and then finally a message will be sent to Swift Alliance Cloud, and vice versa.
Swift also provides the AML solution Transaction Screening.
Transaction Screening can be used together with Alliance Cloud. There are various ways to use this. Transaction Screening can be implemented as a white copy option. In this scenario, when a message is sent to Alliance Cloud, and then further to the network, the message will go through the Transaction Screening service.
Another option for Transaction Screening can be accessed through Swift API services. This option comes with the benefit of allowing institutions to screen transactions even before messages are sent to Alliance Cloud. Similarly, integration with Swift APIs can be easily supported through IntellectEU’s Catalyst Integration Manager.
There are many aspects that impact the likely time frame. The main contributor to the length of implementation is the back office system.
Swift footprint deployment, such as configuring and provisioning Swift SDK or Swift Microgateway can be achieved relatively quickly. Swift also provides supporting documentation for this, and implementation can be accelerated through consultancy services, either from Swift or from a Swift Complementor like IntellectEU.
For this reason, ultimately, it is likely to be the considerations around back-office readiness, and not connectivity, that will lead to a longer or shorter implementation period. The average timeline for implementing Swift APIs varies from anywhere between 3 and 6 months
For Swift Alliance Cloud, it depends on various factors, for instance, whether it is full stack, whether it is being delivered for an ARG customer, or whether there are any custom integrations, etc. Typically there is an assessment by Swift’s teams, but the average time for implementation is around 4 months.
The more puzzles there are to solve, the longer implementation will take.
While typical implementation of Alliance Cloud requires around 4 months, migrating from Alliance Lite 2 can make this transition quicker.
Yes, Swift Alliance Cloud and Swift APIs both support test connectivity. And specifically for Swift APIs, there is a sandbox, a non-production, non-pilot environment where developers can experiment and practice following the configuration instructions, sending requests, and receiving mocked responses so that they can begin configuring the back office systems.
No, the Swift Alliance Cloud interface is linked to Swift Alliance Cloud, and Swift also has its own screening solution.
From the perspective of integration, however, if a customer is using a screening solution from a third-party provider, it is possible to use IntellectEU’s Catalyst Integration Manager to enable this and leverage our user interface in doing so.
This depends on your Alliance Access setup: how complex it is, whether it has custom integrations with the IPLA component, etc. If the setup is basic and standard, then the migration is on the easier side. If on the other hand, the setup makes use of custom integrations, then you may wish to consider contracting Swift Enablers, like IntellectEU, who can assist in redesigning your architecture and find the best solution for reintegrating with Swift Alliance Cloud.
Swift has a positive stance on blockchain and has engaged in blockchain interoperability experimentation with several financial institutions. Details can be found in Swift’s articles here and here.
The maintenance of Alliance Cloud is managed by Swift.
The Alliance Cloud live environment foresees a limited number of planned maintenance periods throughout the year, occurring between Saturday 16:00 GMT to Sunday 05:00 GMT. During this downtime window, Alliance Cloud live environment may be unavailable either for the whole duration of the downtime or only intermittently. See all maintenance periods on Swift Operational Status > Planned maintenance > Other Swift services.
The Alliance Cloud test environment foresees a limited number of planned maintenance periods throughout the year, occurring between Friday 12:00 GMT to Saturday 00:00 GMT. During this downtime window, Alliance Cloud test environment may be unavailable either for the whole duration of the downtime or only intermittently. See all maintenance periods on Swift Operational Status > Planned maintenance > Other Swift services.
By the end of 2024 Swift plans to release MQ Connector on Microgateway, which is an additional back-office connectivity option. Please see: https://www2.swift.com/knowledgecentre/kb_articles/5024881
The fee for Swift Essentials is fixed and invoiced in January
The Alliance Cloud File Connector functionality will be supported beyond the end of support date of SIL. By the end of 2025, Swift plans to release a File Connector on Microgateway (MGW) as an alternative to the SIL File Connector.
Customers who use the API Connector should use the Swift Messaging API after the end of support for SIL.
Catalyst Integration Manager provides a seamless integration with Alliance Cloud through Swift Messaging API.
SWIFT provides its products and services worldwide and has a long-standing experience in addressing risk and regulatory requirements applicable to its customers' subscription and use of its products and services, regardless of the jurisdictions in which they operate.
Alliance Cloud is a highly standardized Swift product, offered to all Swift customers in the same automated manner as its Swift messaging services. Notably, the messaging data processed through Alliance Cloud are precisely the same as those processed through the Swift messaging platform.
Since Alliance Cloud relies materially on Swift's core platform, security, and data protection controls, it also benefits largely from these related controls and processes. Additionally, Swift’s international cooperative oversight, corporate governance, financial stability, security and internal controls, reporting and monitoring environment as described in the Alliance Cloud Service Description, meet professional business standards and are aligned with professional risk management practices and compliance requirements.
Additionally, Swift appoints an external auditor to review on an annual basis the then current control policies and controls related to Alliance Cloud. Such a review is made in accordance with the ISO 27001 certification standards established by the International Organization for Standardization.
No problem. Reach out to our payments experts at Swift@intellecteu.com with any queries or to discuss your payments modernization initiative.
And if you are interested in enabling Swift Essentials with Catalyst Integration Manager, our experts would be happy to help.
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