AccessPay Cash Management Module Makes SWIFT Work Of International Payments
Press release February 4, 2013 BusinessIf It’s Good Enough For Microsoft, It’s Perfect For Everyone Else, Says Ali Moiyed
If it works for the mighty Microsoft, why shouldn’t it work for other businesses and corporates? Well the answer it does and the system is growing rapidly wherever you look right across the globe.
It’s the power of SWIFT and AccessPay is making the most of its capability to offer its own clients the all-in-one cash management solution to international payments, BACS payment, SEPA obligations among other corporate payment requirements.
When it comes to corporates with huge international payments commitments Microsoft is a prime example of SWIFT at work.
Microsoft is the world’s leading software development company generating revenue of $50 billion since its inception, employing a workforce of around 80,000 in 100 countries. It has 1,000 bank accounts globally in operation in 100 banks and gets through 5,000 Treasury wires monthly handling amounts in excess of $70 billion in the process.
With pockets of cash all over the place, it is easy to see why a single view of cash and business flows would be needed. SWIFT provides that allowing Microsoft management to have one near-time/real-time view globally of all its accounts creating a single secure, reliable, resilient and cost effective channel for communicating with all banking partners.
And the same benefits can be enjoyed by any business or corporate with a heavy reliance on the banking system, says Ali Moiyed of AccessPay.
“For most businesses, centralizing treasury and payment functions makes excellent sense,” says Mr Moiyed.“It helps drive new efficiencies, reduce costs and improve cash flow, but centralization can bring challenges, too, such as how to manage multiple accounts in multiple currencies; dealing with the complexity of handling multiple payment types; and meeting the difficulties that come with replacing manual processes with efficient automated payments.
SWIFT, says Mr Moiyed, recognizes these challenges and has responded by opening up its network. This means that corporate customers can now benefit from a single platform which lets them manage all of their financial relationships from one, easy to use module.
There are currently 10,000 businesses using SWIFT worldwide, with 1,000 from the corporate sector.
When you see how many banks are using the SWIFT system, it is easy to see that it is fast becoming the resource of choice for many businesses.
For example:
Barclays uses SWIFT to differentiate its corporate-to-bank services through common standards; BNP Paribas supports its corporate clients with a global SWIFT offering across business lines; China Merchants Bank Pioneering SWIFT Corporate connectivity in China; CitiBank is a leading supporter of SWIFT for Corporates, recognising the importance of flexibility and choice for corporate access; Deutsche Bank is committed to providing innovative and leading solutions developed around SWIFT for corporates to enable the success of its corporate clients; HSBC deploys SWIFT for corporates across the bank globally, via a structured commercialisation programme; Standard Chartered's experience on SWIFT helped make Alcatel-Lucent project a success; and UniCredit's SWIFT offering speeds up corporates' processes by providing access to banks across the globe.
“At the end of the day,” says Mr Moiyed, “and even at the beginning of the day and right throughout, SWIFT is the perfect solution to daily cash management, large fluctuating sums of money and recurring international financial transactions, safely and securely from one easy to monitor location.”
http://www.accesspay.com/paymenthub.html
About AccessPay:
Headquartered in London, but with offices in the USA and India too, AccessPay was formulated by technology and financial professionals who combined state-of-the-art technological expertise, IT credentials and payments industry experience. With over 30 years of combined experience in developing technology solutions to meet corporate needs, our business is founded and delivered by business experts who understand what it takes to run a successful business.
AccessPay also enables payment using Faster Payments, SWIFT, Direct Debits and ACH through its easy-to-implement payment and debit processing modules that allow businesses to access powerful payment processing and management features. Using it, you can log in from any location, at any time (including from mobile devices) to view and manage sending and receiving payments.
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