Provides companies a single way to connect with banks, suppliers and customers
GXS, a provider of B2B e-commerce offerings, has launched SWIFT Service Bureau, which creates the ‘B2Bank’ business network by establishing interoperability between the networks for financial transactions and B2B e-commerce across all continents.
The new service provides companies a single way to connect with banks, suppliers and customers, and allows them to manage their banking transactions, including payments, foreign exchange and securities processing.
The company said that the new SWIFT service enables treasury groups to gain visibility to their cash positions across their banking relationships, improving liquidity management and working capital.
The new SWIFT Service Bureau features SWIFTNet Services, Network Protocol Mediation, messaging transformation, non-swift connections, and partner on boarding to connect, test and roll out partners using a proven five-phase process.
In addition, messaging transformation supports any-to-any transformation services to convert messages to and from SWIFT MT/FIN ISO 20022 XML, SAP IDOC, Microsoft Excel, EDI, XML and proprietary formats.
TowerGroup senior research director Susan Feinberg said that access to the SWIFT network gives corporate treasury groups two things that are on top of their lists these days: simplifying their banking transactions and improving transparency and control.
"The ability to manage both banking services and B2B e-commerce through a single provider is a major advantage to businesses in today’s challenging economic environment," Feinberg said.