Citco unveils commercial gateway to SWIFT network

3 February 2022 - The Citco group of companies (Citco) has launched a commercial gateway to provide financial institutions with access to the SWIFT messaging service.

The commercial gateway enables institutions across the financial spectrum - from banks and corporates to fintechs and alternatives managers - to access the SWIFT network via their own platforms. It sits alongside Citco’s own Middle Office Solutions Treasury Managed Service which also provides access to SWIFT for its clients.

The new gateway means institutions who wish to do so can use their own BIC code to access the SWIFT network without having to build their own infrastructure to facilitate this access.

By accessing SWIFT via the gateway, users can cut down the amount of time employees need to carry out specific functions linked to SWIFT, including annual SWIFT compliance and annual audits.

The gateway is available to third parties who wish to access it whether they are a client of Citco’s or not.

As well as the commercial gateway, Citco - the leading global asset servicer to the alternative investment industry - also makes its own SWIFT Gateway available to clients using its Æxeo® Treasury platform, giving clients access to SWIFT via Citco’s own BIC code.

SWIFT is currently used by more than 11,000 institutions around the world to facilitate payments and securities processing with its secure financial messaging system.

Ryan Fitzgerald, Head of Middle Office Solutions, Citco Fund Services (USA) Inc., said: “Any best-in-class Middle Office Solutions Treasury Managed Service uses the SWIFT network, and our combination of the commercial gateway and our own Treasury service means we are providing flexibility and choice.

“The access to SWIFT via either route saves clients both resources and time - it means they don’t have to create and maintain their own SWIFT infrastructure service, while they also cut down on labor-intense activities, such as having to transact through multiple bank accounts.”