JPM Pleased with SwiftNet Tool Test
Byline: Steve Bills
JPMorgan Chase & Co. says a new method it tested for accessing the SwiftNet transaction system not only met its goals for being inexpensive and reliable, but also appears to be easy to use.
Brian Wedge, the global product manager for Swift products at JPMorgan Chase's treasury services unit in London, said that it took only two weeks to set up the Swift Alliance Lite system with the test user, the treasury department of the Society for Worldwide Interbank Financial Telecommunication, and that the testing itself took only a week.
"They sent us wires. We sent them statements," Mr. Wedge said in an interview Monday. "From our point of view, it was very smooth."
Swift announced in September that it had developed Alliance Lite, which targets small institutions or corporate clients sending and receiving less than 200 messages a day that may not be able to justify investing in a dedicated connection to SwiftNet.
Instead, those users can send encrypted messages over the public Internet, using credentials supplied by Swift and housed on a secure token, to a portal connecting to the highly secure SwiftNet. …