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
choosing their SWIFT financial messaging solutions provider they
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
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
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?
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
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.