SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a cooperative society owned by its members that provides to the financial world fast, safe and confidential way of exchanging financial messages.
BORICA is registered under the Shared Infrastructure Program of SWIFT as a Service Bureau and is certified according to the requirements for Standard Operational Practice level. The main services it provides to its clients are indirect connection to SWIFTNet (Shared Connection) and full outsourcing of SWIFT infrastructure (Shared Infrastructure).
The Shared Connection service is designed for clients, having their own platform for processing SWIFT messages (e.g. Alliance Access/Entry). By the use of Service Bureau they can use third-party SWIFTNet services such as Information and Control Module (ICM) of TARGET2 and the EBA STEP2 Browse Service of EBA Clearing. The Service Bureau, in its capacity of an administrating institution (Shared Security Officers), could also manage the SWIFTNet PKI client security.
By the use of the Shared Infrastructure service, clients are provided with a platform for complete processing (creation, verification, authorization, sending, receiving) of all kinds of SWIFT messages. Since for this service all software and hardware components are installed and administered by the Service Bureau, clients don’t have to build, maintain and administer their own SWIFT infrastructure.
SWIFT Service Bureau guarantees safety, reliability and quality to its clients.
Safety is ensured by the architecture of the Service Bureau and the used technological solutions. Maximum reliability is achieved through reservation of all elements of the infrastructure. The Service Bureau services are available 24/7 and their quality is guaranteed by the Service Level Agreement (SLA), negotiated between the Service Bureau and the client.
Why using the SWIFT Service Bureau:
- No need to create and maintain an independent infrastructure for SWIFTNet connection;
- No need to build and maintain an independent infrastructure for processing SWIFTNet messages for client of the Shared Infrastructure service;
- No need to have a team of highly qualified SWIFT specialists and additional contractual arrangements for maintenance of own SWIFT infrastructure;
- Help Desk providing assistance to clients for the services offered by the Service Bureau.
