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15.8.2024 | Last updated: 16.8.2024

4 min read

Swift’s Business Connect now available from Nomentia

Tran Le
Tran Le

Nomentia is now one of the first vendors to provide Swift’s Business Connect to you. This solution makes it more straightforward than ever to connect your financial systems with banks and financial institutions globally within Swift’s network using Business Connect. 

In this article, we will introduce what Swift’s Business Connect is about, the benefits of this solution, and how Nomentia will help you to take it into use. 

What is Swift’s Business Connect about?  

Business Connect enables business applications or cloud services (such as our cash and treasury management solutions) to easily connect and communicate with over 11,000 banks and financial institutions worldwide, securing transactions through Swift’s Alliance Cloud. Now that Nomentia Cash Management and Nomentia Treasury Management can be easily connected to Alliance Cloud through Swift’s Business Connect, our existing and future clients can benefit from the Swift connectivity as an embedded experience. 

What are the main differences between Swift Alliance Lite2 for Business Applications and Business Connect on Alliance Cloud?

The main differences lie in their setup, management, and integration methods: 

Connecting with Alliance Lite2 for Business Applications requires setup and administration by Swift. As a Swift client, you must store and maintain personal tokens by yourself. In addition, expansion possibilities are limited and from a technical perspective, consuming value-added services from Swift is not possible.  

The new Alliance Cloud, the third generation of Swift’s cloud-based connectivity (following Alliance Lite2), is API-based and offers additional services thanks to the flexibility of APIs. Alliance Cloud can be accessed via Business Connect, provided by vendors like Nomentia, who handle certificates and guide customers through the onboarding process, taking the responsibility of managing the Swift solution off your shoulders. 

Key benefits of Swift’s Business Connect with Nomentia

When you want to connect Nomentia with your banks using Swift’s Business Connect, the solution is ready to be taken into use quickly. Besides this, there are plenty of other benefits we provide for you as a Swift partner. Here is the full list: 

  • Nomentia handles everything for you: we take care of the entire process - from joining the Swift network to implementing the solution and onboarding.  
  • Nomentia manages the Relationship Management Application (RMA) and Security Officer responsibilities for you. 
  • Since Nomentia manages the solution, your users won't need any training or user rights from Swift. 
  • We guide you through the process to ensure compliance with the mandatory Know Your Customer Security Attestation (KYC-SA) and help you complete the required independent assessment annually with the support of Nomentia’s dedicated partners. All is to make sure your company complies with the Customer Security Programme required by Swift. 
  • No need for additional invoicing counterparts—billing is centralized through Nomentia.
In short, instead of handling everything with Swift on your own—from ordering and setup to onboarding, security, and maintenance, which can take a lot of time and effort—Nomentia makes it easy and cost-effective. With our experience, expert team, and partners, we take care of everything, giving you all the support you need to connect to Swift’s network and get the most out of it. 

 

What do I need to do if I am currently using Swift Alliance Lite2? 

If you're currently using Swift Alliance Lite2 and want to secure your Swift connectivity on Alliance Cloud, we suggest migrating to Business Connect. Since migration varies for each company, we recommend planning together on a case-by-case basis to ensure a smooth and efficient transition. 

New to Swift connectivity? 

If you're interested in accessing Swift connectivity via Business Connect on Alliance Cloud solution but aren’t currently using Swift, collaborating with a solution provider like Nomentia can significantly streamline the process and ensure a smooth transition.  For more details and to discuss how our experts can support your requirements, reach out to Nomentia.