By Chika Amanze-Nwachuku
SWIFT, a global provider of secure financial messaging services has unveiled ‘SWIFT for Corporates’.
The new application equips companies with tools and services to run their treasury operations efﬁciently, control their cash and risk, as well as support their business evolution.
The application was introduced to corporate treasurers in Lagos, at the September breakfast meeting jointly organised by the Association of Corporate Treasurers of Nigeria (ACTN) in partnership with SWIFT.
The Executive Secretary/CEO, ACTN, Mr. Patrick Ajunwoko, explained that Corporate Treasurers use the forum to interact and deliberate on economic policies, policy directions and their impacts, as well as enlighten members on new developments within the financial markets.
Senior Technical Expert, sub-Saharan, Africa, SWIFT, Billy Nya said: ‘SWIFT for Corporates’ provides you with a single channel through which you can communicate with all of your banks, whatever the size of your business. We make it possible for you to access the ﬁnancial world securely, conveniently and cost effectively – in a way that is appropriate to your scale, complexity and resources.”
He added: “With ‘SWIFT for Corporates’, automating transaction and information ﬂows also rely on complete, accurate and reliable data through the SWIFT network, thanks to a comprehensive reference data directory – SWIFTRef , which provides affordable and accessible payment reference information for suppliers, customers and ﬁnancial counterparties across more than 200 countries.”
Furthermore, he said: “SWIFT for Corporates’ connects your organisation to the global ﬁnancial community. You can exchange a full range of ﬁnancial messaging and reporting with banks including both domestic and international payment and collection instruments.”
The ACTN as part of its effort towards the education and enlightenment of its members and to ensure standard development of the corporate treasury function, partnered SWIFT to launch the new application, ‘SWIFT for Corporates’.
The new application helps to streamline and automate business flows by communicating with Corporates’ various banking partners using the SWIFT global standardised ISO and proprietary format (MT) messages.
A financial advisory firm, Graeme Blaque Advisory, led the discussion at the event on the application of different Treasury Management Systems that enhance the treasury function.
Increasingly, the treasury function is playing a crucial and strategic role in today’s corporations. Not only does treasury support the day-to-day financial objectives of a company (cash management, banking, investment, amongst others), but it also provides crucial information helping business leaders
make risk-informed strategic decisions.
Regulatory compliance obligations, fraud and cyber-criminality threats in today’s world, has prompted treasury operations to be run with the greatest operational efficiency. That is why the centralisation, standardisation and automation of treasury processes and workflows remain important for the success of organisations.
A member, Governing Council of the ACTN, Funso Sobande noted: “The Association in the pursuit of its policy advocacy objective has gotten the commitment of the Deputy Governor, Central Bank of Nigeria for a visit which will be done as soon as the date is confirmed. It is also worthy of note that in our desire to affiliate/partner with international organisations and other established similar associations to ensure global standards and professionalism in the corporate treasury function, the ACTN has secured partnership with ACT, UK, in education, training and its treasury professional qualifications.
“This partnership avails our members the opportunity of obtaining international recognised ACT qualifications (Certificate in Treasury Fundamentals, Certificate in Treasury, Diploma in Treasury Management, Award in Cash Management Fundamentals and Certificate in International Cash Management) at a reasonable discount. The ACT for now is the only organisation offering the world’s only comprehensive suite of treasury qualifications. All enquiries regarding this should be made to the ACTN Secretariat”.