Since 2013 ProFIX Company is the SWIFT Business Partner in Armenia, Belarus, Czech Republic, Georgia, Slovakia and Ukraine.
We provide banks, non-banking financial institutions and corporates with a full range of SWIFT products, solutions and services.
SWIFT Business Partner status is a strategic continuation of our longstanding cooperation with SWIFT as a SWIFT Solution Partner, SWIFT Service Bureau, SWIFT Ready Services Provider.
We are the primary contact for customers regarding all the questions concerning their cooperation with SWIFT:
- Provide consulting on selection of SWIFT products and services
- Assist in joining SWIFT for new users
- Help to make an e-order and agree the project
- Optimize maintenance costs of current infrastructure
- Inform on all SWIFT activities.
SWIFT solutions for banks&corporates
SWIFT gpi is a global SWIFT initiative that was launched in January 2017 to make real-time payments. This service has dramatically improved the experience of crossborder payments, greatly increasing their speed, transparency and tracking.
More than 165 banks, representing 80% of SWIFT’s cross-border payments traffic, and including 49 of the world's top 50 banks, have signed up to the service. Several Ukrainian banks have already ordered the service SWIFT gpi and plan to implement it in the current year. It is set to be the standard for all cross-border payments made on the SWIFT network by the end of 2020.
SWIFT gpi lets you make high-speed cross-border payments, timed in minutes or even seconds.
Nearly 50% of gpi payments are credited to end beneficiaries within 30 minutes, and almost 100% of gpi payments are credited within 24 hours. This delivers immediate benefits to global trade – corporates globally can significantly shorten their supply cycles, ship goods faster and reduce their exposure to FX risks.
SWIFT gpi lets you track the status of your payments from start to finish in real-time – like a parcel.
This allows corporates to significantly improve their cash forecasting and liquidity optimization. And corporates can further speed up their supply cycles with instant credit confirmations.
SWIFT gpi gives you transparency over the bank fees charged and FX rates applied to your cross-border payments.
With gpi, the final amount paid to the beneficiary is confirmed in real-time, significantly increases the clarity companies have over their operational costs.
SWIFT gpi gives you certainty over the remittance information you send in your cross-border payment instructions.
With gpi, the remittance data that corporates send with their payments is guaranteed to be unaltered when it arrives with the end beneficiary. Beneficiaries can then easily reconcile gpi payments against invoices, speeding up their supply cycles.
In 2016, SWIFT launched a Customer Security Program (CSP) to increase the security of the infrastructure associated with SWIFT and improve cyber risk management processes.
CSP is based on three actions: 1) customers must secure and protect their local SWIFT-related infrastructure; 2) to prevent and identify possible fraud in commercial relations with counterparties; 3) share information and be prepared for future cyber threats in collaboration with others.
As part of the Customer Security Program SWIFT offers new services, the sharing of which, together with the implementation of security controls, will provide the necessary measures to detect suspicious operations and fight against cybercrime:
- Relationship Management Application (RMA) plays an important part in supporting communication between different financial institutions. The RMA is a SWIFT-mandated filter that enables financial institutions to define which counterparties can send them FIN messages. Any unwanted traffic is blocked at the sender level, reducing the operational risks associated with handling unwanted messages and providing a first line of defense against fraud.
- Daily Validation Reports is a daily analytical report that allows SWIFT clients to analyze their transactional activities and determine potential risks in payments based on bank payment behavior patterns.
- Payment Controls is a service for controlling SWIFT transactions that helps customers timely detect and prevent high-risk payments at the SWIFT network level (after the transaction has left the bank’s infrastructure) based on personal parameters and rules.
Payment Controls is an important part of SWIFT’s Customer Security Programme, a community-driven initiative that is enhancing cyber security for the global financial industry. The service helps to identify unusual behavior when making payments, even if the attackers damaged the system, database and log files.
Payment Controls combines real-time monitoring of payments received, blocking suspicious transactions and daily reporting of all SWIFT payments. It helps institutions detect and prevent high risk payments and mitigate business disruption, and financial losses in the event of back-office compromise.
Payment Controls monitors the payments you send and can block these in real time to prevent fraud. High risk and out of policy payments are alerted instantly, enabling you to act quickly to prevent losses.
Messages can be customized for different scenarios, for example:
- Business calendars: Payments sent on non-business days or outside of normal business hours.
- Threshold: Payments that are high risk or fall outside of business policy, based upon individual payment value or aggregate value/volume.
- Profiles: Payment behavior that is uncharacteristic, based on past learned behavior.
- New scenarios: Payments sent through or to new institutions, in new currencies or using previously unseen message type.
- Account monitoring: Payments to/from high-risk beneficiary /originator customer accounts or payments to/from accounts that are not present on a subscriber-defined «accept list».
- Badly formed messages: Payments that are preceded by elevated/ repetitive NACKs to the same beneficiary customer account.
You can configure any rule in one of three operational modes:
- Manual review mode: The triggering payment message will be held in-network by the service and an alert will be generated for your review and investigation. You decide whether to abort the message or release it for delivery.
- Alert-only mode: The triggering payment message will be delivered to your receiver without interruption, and an alert will be generated simultaneously. You can investigate this alert and undertake any necessary response and recovery actions.
- Auto-action mode: The triggering payment message will be automatically aborted and an alert will be generated simultaneously.
Reporting is provided by two daily reports:
- Validate activity: Quickly assess and validate inbound and outbound payment flows. Daily activity is aggregated by message type, currency, country and counterparty, enabling easy comparison with internal reports from core systems. Daily value and transaction references help you match individual transactions for more detailed validation.
- Assess risk: Highlight large or unusual message flows that may indicate fraud risks. You can review new or unfamiliar counterparties or counterparty combinations, including nested activity. Transactions sent or received outside of user-defined business hours are highlighted.
Payment Controls covers MT 103, MT 202, MT 202COV, MT 205, MT 205COV. * MT 101 is scheduled for implementation in 2019. Outgoing payments are processed for notifications. Both incoming and outgoing payments are processed for reporting.
SWIFT recognized Ukraine as a priority country in the fight against cybercrime and developed special subscription conditions for us. This means that Ukrainian banks will be able to enjoy the privileges of a reduced price when ordering a service for the next six months. In Ukraine, there is already the first bank that ordered Payment Controls.
SWIFT Sanctions Screening
A simple solution for your transaction screening needs
In close cooperation with banking Community SWIFT has developed a fully-managed, securely-hosted service that screens your incoming and outgoing messages against the latest sanctions lists and instantly alerts you to any matches.
Real-time, up-to-date screening
With SWIFT’s Sanctions Screening, your messages are screened in real-time against up-to-date and comprehensive sanctions lists. At the moment more than 45 lists, including OFAC, United Nations, European Union, HMT, SSFM of Ukraine are loaded in the system and are updated automatically.
Ready to deploy and use
Sanctions Screening is a fully-managed service yet with virtually no software to install that allows your institution to be up and running quickly.
Flexible set-up and reporting options
You can choose real-time screening of all structured message formats, (including FIN, ISO 20022, SEPA and non-SWIFT formats) and opt for just your incoming or outgoing FIN messages, international or domestic business flows.
Independent quality assurance
For added reassurance, SWIFT publishes the regular independent reports of Sanctions Screening effectiveness. These reports provide transparency around filter capabilities,generic and user-specific filter configuration settings. The independent reports are available to users.
Find more details about SWIFT Sanctions Screening service on: dontgetbitten.com
You are a
- Financial institution
- Financial services provider
- Software company
- Accurate SWIFT BICs
- Detailed financial information about counterparty banks
- Standard Settlement Instructions (SSIs)
- Payments routing data
- Financial institutions’ membership in national and international clearing & settlements systems
- Currency codes and detailed country information
- Legal Entity Identifiers (LEIs)
- Worldwide national bank identification codes
- IBAN validation tools
- BBAN-to-IBAN conversion tools
- Bank holidays & opening hours
- Build an accurate Bank Master File
- Significantly improve STP rates of payments and direct debits
- Save time and money on payments investigations and repairs
- Correct identify trade counterparties in regulatory reports
- Evaluate counterparty risk
- Maintain customer satisfaction andbuild on your reputation
But struggling to
- Collect these financial identifiers
- and data from a multitude of
- central banks, code-issuers and
- counterparties worldwide
- Keep this data constantly
Then, SWIFT has exactly what you need!
SWIFT KYC Registry
Business activity of financial institutions is always inseparably linked to the regular and constant communications within the financial market. Correspondent banking relationships are no exception in this matter. The banks have to audit those financial institutions which they plan to cooperate with.
There are more than 1.3 million bilateral correspondent relationships across the industry. The lack of a single, standardized, on-demand source for validated, up-to date KYC information leads to massive numbers of document exchanges, and a huge amount of duplicated effort and cost for the industry.
That’s a huge administrative pressure on the banks to source and to update the same Know Your Customer information, from the same counterparties and correspondents, for the same due diligence procedures.
SWIFT has developed KYC Registry (Know Your Correspondent) global database to facilitate its users with this difficult task. KYC Registry is a new global utility in SWIFT Compliance services portfolio: http://complianceservices.swift.com/
KYC Registry product went live in late December 2014. 7000 banks which establish and maintain correspondent relationships through SWIFT network were involved in SWIFT KYC Registry service subscription and posting their banking information.
Global joint development of SWIFT and 12 largest banks provides the following benefits:
- Access to KYC database of documentation worldwide.
- Safe storage of your own KYC information and supporting documents.
- Verification and selection of the KYC data by SWIFT for high efficiency.
- Unique value-added information (SWIFT Profile) provides a neutral and factual snapshot of your exposure to sanctions risk via your FI network.
Read more about the KYC Registry's features: KYC Registry factsheet
If your bank is ready to join SWIFT KYC Registry, please follow the instruction: KYC Registry Implementation guide
The data contribution to SWIFT KYC Registry is always free of charge for any Customer.
Participation in KYC procedures is extremely welcome by all the international banking community as the evidence of business transparency of KYC Bank-participant, its willingness to cooperate with correspondents, ability to carry out the due diligence procedures effectively and efficiently which is especially important in the current banking sector realities.
We are ready to support all your initiatives and are open to communication.
Our experts will gladly provide detailed information on SWIFT projects: