Danske Bank Connects to Tieto Payment Factory via SWIFT
Danske Bank Group has connected to the Tieto Payment Factory via SWIFT. The collaboration allows their joint customers to integrate fully automated payment and account reporting services.
“International corporations are doing business with several banks in several countries. Corporations have previously communicated with their banks by using proprietary channels and bank or country specific formats. Having visibility to cash globally in such a complex environment can be a challenging task. SWIFT solves this by providing a standard interface to banks and thus significantly helps improve working capital management and infrastructure,” said Claus Sørup Rasmussen, head of cash management sales CIB, Danske Bank Group.
The European and global harmonisation of payments standards will support the diffusion of the new service. As a result of the creation of the single euro payments area (SEPA), Europe will use global payment messages based on the ISO 20002 message standard.