SWIFT Services Vendor Selection Checklist


More and more corporate treasury organizations are considering SWIFT services to route payment instructions or collect account statements from their banks around the world. But connecting to the SWIFT network can be daunting with the associated requirements for dedicated hardware and software, along with in-house SWIFT certified experts. Few corporates choose to host their SWIFT connectivity in-house, instead opting to use an outsourced SWIFT services solution.

The best way to compare different SWIFT services providers is to compile a list of the technical capabilities, corporate to bank connectivity, SWIFT services operations, and implementation considerations that you require. Then, you can rank each provider according to how well it meets your needs. When choosing a vendor, don’t just consider whether the provider can meet your needs for today; be sure that your provider can meet your future requirements as your treasury management needs evolve.


We’ve developed a new Checklist App to help you engage in more educated conversations with SWIFT vendors and evaluate the various SWIFT outsourcing options that best fit your business requirements. It includes features that we recommend you include in your vendor evaluation, including:


  • Supports your preferred communications protocols e.g. FTP, AS2, HTTPS, SFTP, etc. SWIFT Services Checklist
  • Performs vulnerability/penetration tests on networks and connectivity
  • Regularly tests their Disaster Recovery and Business Continuity plans
  • Meets your recovery point objective (RPO) and recovery time objectives (RTO) standards


  • Supports direct, host-to-host bank connectivity to your cash management banks to save you SWIFT transaction fees
  • Has experience integrating to various accounts payable, general ledger, and treasury management systems to improve straight through processing
  • Can translate inbound and outbound files (e.g. bank statements, vendor payments, check images, etc.) into your preferred formats
  • Provides visibility, monitoring and support services for all messages (SWIFT and non-SWIFT)


  • Does not require a PC or laptop with USB port to access the SWIFT Network and to release payments
  • Handles all of the required SWIFT message types e.g. FIN, FileAct, MX (XML/SEPA)
  • Licenses SWIFT’s Alliance Gateway and Hardware Security Modules (HSMs) to ensure SWIFTNet compliance
  • Supports your choice of digital signature providers e.g. SWIFT 3SKey or IdenTrust Trust Link


  • Provides experienced financial services implementation specialists
  • Can meet your implementation timeframes
  • Provides a designated project manager
  • Has a proven, comprehensive implementation approach and project plan


  • Has operations across your geographic footprint
  • Offers 365/24/7 support as a standard offering
  • Offers customer support in the languages required for your geographic footprint
  • Meets your standards for problem resolution timeliness, quality and metrics

These are just a few of the features and services you should consider before finalizing your checklist. Click here for an Excel-based SWIFT Services Vendor Evaluation Checklist you can download and use today!


OpenText, The Information Company, enables organizations to gain insight through market-leading information management solutions, powered by OpenText Cloud Editions.

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