SWIFT announced at Sibos this week that its cloud-based connectivity, Alliance Lite2, has been adopted by more than 300 customers globally over the past 12 months.
To the disgust of all the SWIFT service bureaux, SWIFT said, in their Press Release, that, “The simplest, easiest way to connect to SWIFT, Alliance Lite2 has quickly become the interface of choice for new SWIFT customers. SWIFT has recently expanded Alliance Lite2's integration proficiency with business applications by adding powerful new message transformation capabilities, and has made it available for use in virtualised environments, further increasing its appeal for corporate customers.“
Alliance Lite2 supports all SWIFT message formats, standards and file types, as well as automated and manual exchange of messages and files. It also provides access to other services offered over the SWIFT network, including Accord Matching, Sanctions Screening, SWIFTRef and Trade Services Utility (TSU), as well as services from third parties such as Real Time Gross Settlement (RTGS) systems. Alliance Lite2 is a cloud-based service, meaning customers do not need to install or maintain extensive software or hardware at their site. Connection occurs via the Internet or a virtual private network (VPN).
SWIFT recently launched Alliance Lifeline - a cost effective cloud service that enables users to keep on using SWIFT even if their standard connection becomes unavailable. Managed and operated by SWIFT, Alliance Lifeline includes a user interface, SWIFT connection and related services.
How many SWIFT service bureaux are going to survive this pressure? What new services do they need to develop to continue to be attractive to corporates? What new connectivity services do multi-national corporations really need and would pay for?