(26 September 2007 – Australia) The new chief of industry-owned co-operative, SWIFT, has outlined his plans for an upgrade to the transaction messaging services provided in Australia.Lazaro Campos, chief executive officer, SWIFT, has detailed the co-operative’s plans for the development of cost effective communications between financial institutions and corporations in Australia.
Mr Campos said that the automated messaging service gives a single window into the accounts and finance of a corporate.
He added that trade finance, particularly with Asia will become more cost effective and that corporates will no longer have to carry the risks. Invoices can be confirmed on a secure and efficient messaging network.
Mr Campos also said that there is currently no funds automation solution worldwide and that their investment funds transactions solution will be a first.
SWIFT, the Society for Worldwide Interbank Financial Telecommunication, based near Brussels, deals with trillions of dollars in global transactions daily supplying 8100 financial institutions in 208 countries.