Fides difference in the Reval SWIFT connectivity solution - no SCORE agreements
by Kylene Casanova
One of the problems for corporates joining SWIFT is that whatever BIC (Bank Identitity Codes) option they use (i.e. using their BIC or a concentrator BIC ) they always have to sign SCORE agreement with their banks.
Except if they are using the Fides (part of the Credit Suisse group) connection and their partners.
Reval connectivity service
Reval, who use Fides as their main corporate-to-bank connectivity solution, explained, “When using the Fides BIC there is no need to sign a SCORE agreement with the Bank. SCORE agreements specifically cover the terms and conditions of using a Corporate BIC to connect via SWIFT to the Bank. When using Fides the client is using the Financial Institution BIC of Fides, any BIC to Bank agreements are done by Fides and the client inherits all of those relationships. The only paperwork a client needs to complete to use the Fides BIC is a mandate letter sent to the Bank stipulating that they are using the Fides BIC to connect to the Bank. Reval provides the template mandate letter to the client.”
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