Form3 delivers the message

Clarency connects direct to SWIFT

by Bob Blower

While Clarency has been providing industry standard via our banking partners for some time, we've now received our own SWIFT code to connect directly to international bank messaging. For that we must pay tribute to superb work by Form3. SWIFT integration has long been a goal, not only because it plugs us directly into the global banking network, but also because it allows the full implementation of our information sharing platform.

Because we love to innovate, our approach to traditional circumstances can be somewhat bespoke, and this stumps a lot of would-be suppliers and service providers. We need involved, flexible companies that can look beyond their standard products and join in the brainstorm. Form3 have demonstrated exactly that attitude and we're excited about what we're about to achieve together. We're proud to be their first international customer for their SWIfT solution.

Membership of the SWIFT network brings obvious benefits in interacting with world banking, but for Clarency and our customers it means a great deal more. Our intensive transactional diligence processes expose exceptionally detailed data on every transaction, complete with background information on all counterparties and full tracking of shipping, invoicing, customs clearances and more. That's obviously good news for compliance, but unfortunately it's definitely TMI to pack into the 140 characters of a SWIFT MT103 message.

Transparency is the enemy of malfeasance, so we believe it's vital to reveal all relevant detail to every authorised party in the transaction chain. This integration means we're able to embed a read-only decryption key within the MT103 message, giving access to all transactional and background data on our next-gen blockchain. This vastly expands the data capacity of the message without requiring any change in technology.

You'll need to forgive me a little excited smugness here; with direct SWIFT integration, we're now able to deliver the full benefit of payments, FX and liquidity with even greater transparency and speed. And that ain't bad going!

Clarency 'C'

Clarency Singapore PTE. LTD. Guoco Tower, 1 Wallich Street #14-01, 078881 Singapore   +65 6403 3956