5 Critical Questions You Must Ask When Choosing Your SWIFT Financial Messaging Solution Provider

Payment Components have been providing SWIFT financial messaging solutions to financial organizations, banks and software companies for over eight years and has served many clients’ needs worldwide.

And when we receive feedback from our clients and ask them what were the most critical questions they needed answering when they were choosing their SWIFT financial messaging solutions provider they typically share the same or very similar questions.

So we thought it would be helpful for other financial organizations, banks and software companies who are starting to consider SWIFT financial messaging solution providers and perhaps are wondering what some of the critical questions they needed to ask are if we set out the most common critical questions our clients and previous Payment Components’ clients have asked in this article.

The 5 Critical Questions You Must Ask When Choosing Your SWIFT Financial Messaging Solution Provider

1. How long has the SWIFT solution provider been delivering their solution to clients?

Because the SWIFT product is integrated deep within a client’s own software and would represent a major business upheaval to replace, prospective SWIFT messaging clients should be certain the potential solution provider has been and will be delivering their service to clients for the long term.

2. Who are their clients and are they willing to refer you to their current and previous clients?

Whether you represent a financial organization, bank or software company it’s not only critical that your chosen SWIFT solution provider has relevant domain experience within your particular business sector, but that they are also prepared to refer you to their current and previous clients.

3. Are they SWIFT library experts or 3rd party resellers of a premade solution?

Not all SWIFT solution providers are equal and some providers are simply resellers of a third party solution and will not be able to offer the level of support, maintenance or customization that you may need now, or in the future.

4. Do they have a thorough understanding of the SWIFT rule book and error codes?

The SWIFT rule book and error codes are complex and considerable and only solution providers with specialist domain experience are likely to have a comprehensive knowledge of both the SWIFT rule book and the error codes.

5. What is the level and response rate of support offered?

How responsive will your chosen SWIFT financial messaging solution provider be for your support requirements and who will provide the actual support? Will the support be provided by the same key team who provided you with the original proposal and quotation or will you deal with less experienced support staff once you become a client?

Conclusion

Asking these five critical questions of the SWIFT financial messaging solutions providers you are considering for your project at the outset will help ensure you find a partner who can best serve your needs now and in the future.

And of course Payment Components would be delighted to answer each of these questions for you and provide you with a comprehensive quotation for your specific SWIFT financial messaging project.