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SWIFT launches security tools campaign

First Published 18th August 2016

SWIFT campaign to increase awareness for existing security features in its interface products.

Brussels - The campaign is part of SWIFT's Customer Security Programme and aims to help customers apply existing security features to better protect their SWIFT access.

SWIFT's products enable customers to protect their access to the SWIFT network and manage their correspondent relationships. The new campaign will focus in particular on raising awareness for SWIFT's Relationship Management Application (RMA) and 2-Factor Authentication (2FA) in SWIFT products.

RMA is a filter that enables users to manage their correspondent relationships and is a first line of defence against unwanted or unexpected message flows. It allows users to select and limit the correspondents from whom they wish to receive messages, as well as to restrict the type of messages that they receive. Effective use of RMA helps customers to mitigate the risk of receiving unwanted or fraudulent payments, and to ensure that message traffic is only permitted with trusted parties. RMA arrangements can be rapidly revoked should a customer wish to cease sending or receiving financial messages with a particular counterparty over SWIFT. RMA is built into a number of SWIFT interfaces and is also available as a standalone product.

The awareness campaign will present best practice of using RMA, emphasise the risk of maintaining inactive relationships and demonstrate how to manage relationships on an ongoing basis. Customer engagement is underway across EMEA, the Americas and Asia Pacific.

SWIFT also aims to drive customer adoption of 2FA in its products to help customers protect access to their SWIFT interfaces. SWIFT's recent mandatory releases of Alliance Access (7.1.20) and Alliance Web Platform (7.0.70) have been designed to increase customers' application of 2FA in SWIFT interfaces. The latest releases complement the products' existing 2FA functionality with an out-of-the-box solution to suit smaller and medium sized customers and also introduce stronger default password management and enhanced integrity-checking features.