Citro launches gateway to SWIFT network
Setting up a payments infrastructure from scratch can be burdensome in terms of resources and time for institutions, which can be outsourced for greater efficiency.
In such, the Citco group of companies (Citco), a financial services provider, has launched a commercial gateway to provide financial institutions with access to the SWIFT messaging network.
As mentioned in the press note, the commercial gateway would enable the institutions across all levels like banks, corporates and fintechs to access the SWIFT network via their own platforms. It will be positioned alongside Citco’s own Middle Office Solutions Treasury Managed Service which already provides access to SWIFT for its own clients.
The gateway access would allow institutions to have access to the SWIFT network by using their own BIC code and all without having to build their own infrastructure. The company noted that this would also allow clients to cut down on time and compliances such as annual SWIFT compliance and annual audits.
“The access to SWIFT via either route saves clients both resources and time – it means they don’t have to create and maintain their own SWIFT infrastructure service, while they also cut down on labor-intense activities, such as having to transact through multiple bank accounts”, said Ryan Fitzgerald, Head of Middle Office Solutions, Citco Fund Services (USA) Inc.
This gateway is available to third parties even if they are Citco’s clients or not.
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