Reval and SWIFT partner to provide corporates new bank connectivity option
by Kylene Casanova
The new combined offering by Reval and SWIFT’s Alliance Lite2 means that corporate treasury teams using the Reval Cloud Platform for automated cash and liquidity management can now join the SWIFT messaging network to connect their bank accounts anywhere in the world. Reval’s Bank Connectivity Service now offers a range of options:
- Fides for global multi-banking connectivity, including a mid-market offering configured for Reval CORE clients
- NTT Data’s gateway service, integrated only with the Reval Cloud Platform, for access to the Japanese banking networks
- SWIFT Alliance Lite2
- EBICS, Europe’s standardized transmission protocol
as the chart below shows.
Reval Bank Connectivity Service
Source & Copyright©2016 - Reval
“The combined offering of Reval and SWIFT’s Alliance Lite2 not only follows the global movement toward cloud-based solutions for treasury management systems, it also offers an easy, streamlined approach to global banking,” says Ed Adams, Head of Corporates – Americas & UK at SWIFT. “By capturing client requirements and providing training for mutual clients, we are making it easier for companies to join the SWIFT community, while leveraging the best-in-class treasury technology of Reval.”
Reval progress and development
Reval are developing on a number of different fronts in their focus on all types and sizes of corporate treasury departments, see. Key indicators of their progress Reval believe are:
- the annual contract value for clients subscribing to both cash and risk capabilities on their cloud platform having grown at a CAGR of over 100% since its launch in 2011, demonstrating the market’s demand for an all-in-one solution
- the demand for their ClearPath migration service, which helps corporate treasury departments switch direct to Reval rather than upgrade their legacy systems, exceeded their target by 50% in 2015 and is on pace to exceed their goal in 2016
- a record first quarter in subscription sales in 2016
Justin Brimfield, CMO, summed up Reval’s approach in TMS delivery, “We believe that at end of day, clients shouldn’t have to worry about upgrades, data scrubbing, finding a bank connectivity partner, etc. They should only worry about logging into the system and managing treasury so that they provide strategic value to their business partners and to finance. As a service provider, our role is to make this available to them.”
CTMfile take: Bank connectivity services now cover much more than bank setup, statement retrieval & conversion as Reval’s Bank Connectivity Service shows. Corporates should now expect sanction checking & filtering, transaction investigation, full payment support, etc. to free them up for the provision of strategic support for the business as a whole.
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