How much does a SWIFT Financial Messaging Solution Cost?
Payment Components, have been serving financial organizations, banks and software companies’ SWIFT financial messaging solution requirements for over eight years and one of the very first questions, we’re often asked by prospective clients is; How much does a SWIFT financial messaging solution cost?
And as much as this is an important question, an equally important question that needs to be asked is with regard to the levels of ongoing support and maintenance, once the SWIFT library is installed.
Now, the fact is, there is not an exact answer to either of these questions without a clearer understanding of a client’s specific requirements and business situation but I will explain what needs to be considered when estimating the cost of a SWIFT financial messaging solution.
The first part that must be considered when establishing the cost of a SWIFT financial messaging solution is to establish which of the libraries you require; SWIFT MT or MX, or perhaps SEPA?
SWIFT MT validator libraries are a java SDK that helps build payments or trade financing application, or just about any type of SWIFT MT application that will be compliant with the latest SWIFT standards.
SWIFT MX is the next generation SWIFT standard for international messaging that utilizes the XML format based on ISO 20022. Payment Components SWIFT MX libraries include the SWIFT_MXparser and SWIFT_MXvalidator products.
SEPA validation libraries support all SEPA CT and SEPA DD messages for “Payments Clearing and Settlement”, “Payments Initiation” and “Cash Management” defined by the SEPA rulebook.
Once you’ve established which SWIFT (or SEPA) library you require, you will next need to determine if you require the whole of that library or just select components, as this will have a bearing on the cost estimation, with a whole library usually costing up to ten times the cost of a single component.
Next, you’ll need to determine how many installations of your chosen library you require, as each installation, will typically incur an additional cost.
Finally, your maintenance and support requirements will need to be considered, but as a guide, the cost of maintenance and support will typically represent around twenty five percent of the initial purchase price. And with regard to maintenance and support, it’s essential to note that not all maintenance and support plans are equal between the various SWIFT financial messaging solution providers so it’s advisable to establish exactly what is included within the maintenance and support agreement, including which team members senior or junior and inhouse or outsourced will be responsible for handling any support or maintenance needs and the agreed response times.
As you can probably see, determining exactly, ‘how much does a SWIFT financial messaging solution cost?’ without a thorough understanding a client’s specific requirements and business situation is not entirely possible, but I hope you now have a clearer understanding of how the cost of a SWIFT financial messaging solution is determined and that this will help with your the quotations and costings for your specific project. And of course, we’d be delighted to provide you with a full and comprehensive Payment Components quotation for your specific SWIFT financial messaging solution needs.

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