SWIFT Awards SMA Service Bureau First SWIFTReady Cash Management Label
SMA Financial, a SWIFT regional partner for UK, Ireland and the Channel Islands, has announced that the SMA Alembic product had been awarded the SWIFTReady Cash Management Label for 2010. This is the first cash management product on the market to pass the rigorous tests and assessments that SWIFT applies to any labelled product that runs on the service bureau and is based on an online, hosted platform. SMA Alembic was released in December 2009.
SMA Alembic is designed to help corporate treasurers optimise cash and liquidity management. The product uses next-generation SWIFT technology, based on ISO 20022 standards, to automate and streamline payments, which in turn reduces the complexity of international cash management payment processing and ensures efficient use of working capital. National Grid and Johnson Matthey are two SMA Financial users who have implemented the product.
Bernard De Groeve, senior business development manager, partner management, SWIFT, said: “Financial institutions and corporates can rely on SWIFT labelled products with the knowledge that they are based on industry standards, use the latest technology and importantly integrate with the SWIFT network. As part of our due diligence we also speak to current users of the product to further ensure the implementations are properly run and positively endorsed. We congratulate SMA Financial on achieving this latest endorsement for the Alembic product.”