LocationsTime is money. When it comes to effective corporate payment transactions this means one thing in particular: Keeping time and organizational requirements to a minimum. The international telecommunication network SWIFT has been helping do just that for many years. It enables companies to consolidate their networks with multinational banks and to use standardized, tried-and-trusted formats for transferring messages. LBBW uses the secure and reliable SWIFT network to send and receive payment transaction messages to and from its customers and other banks.
SWIFT allows companies and banks to exchange transaction messages within seconds. Here is an example of how it works: One bank notifies another that there is a pending transfer order for one of its customers and that the equivalent value should be debited from the specified clearing account on a certain date and transferred to the recipient. Other messages contain information about account statements, documentary business or securities and FX trading.
SWIFT for Corporates gives corporate customers two options for their communications with LBBW:
MACUG (Member Administered Closed User Group)
Member Administered Closed User Group
MACUG is available to all companies and is a closed user group that is managed by the bank, in this case LBBW. MACUG offers the same services and message types as SCORE.
How it differs to SCORE: Participating Corporate Customers are only allowed to exchange SWIFT messages with banks after registering to the banks´ MACUG at SWIFT.
SCORE (Standardized Corporate Environment)
Standardised Corporate Environment
The SCORE communication system is basically available to all Corporates.
How it differs to MACUG:
The SCORE service is also based on a closed user group, which is managed by SWIFT, though. Every Corporate registered for SCORE at SWIFT is authorised to communicate via SWIFT network with all participating banks.
Corporate Customers and LBBW can communicate using SWIFT for Corporates via one of these Services. This requires a MACUG or SCORE master agreement to be signed between Corporate Customer and LBBW.
Would you like to know more about SWIFT for Corporates?
Just ask us!
