Ways to Bank

DBS IDEAL™ Connect for SWIFT

SWIFT connectivity to bring operational efficiency in corporate-to-bank flows

DBS IDEAL™ Connect - SWIFT enables corporates and treasurers to send and receive financial services; treasury management, cash management and additional services information with DBS using the SWIFT network. It gives necessary visibility to your cash flow to help you manage risk, reduces the operational cost and enables you to achieve standardization and straight through processing.

SWIFT is a bank independent connectivity solution that allows you to leverage on standardized message format to connect with us.

FAQ

How does SWIFT help to improve security and reliability?
The ability to control payment initiations and increased security, while more difficult to quantify, are also recognised as key benefits. In some cases, SWIFT’s 99.999% network availability is important as some corporates suffer from regular break-downs of their e-banking systems.
What are the connectivity options offered by SWIFT?

The connectivity with SWIFT is dependent on your business requirements.

Customer-owned:
This infrastructure is ideal when you have specific security requirements, or when you need complete control over your IT environment including storage of your messaging data. If your traffic forecast also indicates that you require a high volume infrastructure, a customer-owned infrastructure that is operational on your premises is more suitable.

Alliance Lite2:
This is the easiest way to connect to SWIFT. Alliance Lite2 is highly secure and reliable cloud-based solution to connect to the SWIFT network and enables you to send an receive all types of SWIFT messages and files.

Alliance Lite2 for Business Applications:
Alliance Lite2 embedded with Business Applications enables you to communicate with us using cloud based applications (cash management, Treasury Management, Trade, Securities, etc.). Alliance Lite2 for Business Application combines the benefits of SWIFT's solutions with the convenience of cloud-based applications. In this case, you can select application providers that are most suited to your needs.

What is SWIFT Messaging Services?

SWIFT messaging services enable corporates to exchange financial messages and files securely and reliably.

FIN:
FIN enables the exchange of messages formatted with the traditional SWIFT MT standard. These standards cover a wide range of business areas and are widely used and accepted by the financial institution community.

FileAct:
FileAct enables the transfer of files in a secure and reliable manner. It is most efficient when used to transfer large batches of messages, such as bulk payment files, very large reports, or operational data.

What are DBS's SWIFT reporting capabilities?

DBS offers information rich SWIFT reporting capabilities. These reporting capabilities will help you to bring in operational efficiencies, better visibility to your cash flows and simplify your reconciliation process. The reporting capabilities includes:

MT 940:
This SWIFT report is a standard structure end-of-day account statement. The report details, all entries booked to an account on previous working day.

MT 942:
This SWIFT report is a standard structure intra-day account statement. The report details, all the entries booked to an account on intra-day basis at a frequency that suits your business needs

MT 900:
This SWIFT report is a confirmation of debit, to notify account owner of an entry which has been debited to its account.

MT 910:
This SWIFT report is a confirmation of credit, to notify account owner of an entry which has been crediting to its account.

Know more about DBS's SWIFT readiness?

DBS is SWIFT certified under the advanced Bank Readiness program. To explore further details about DBS's SWIFT capabilities, please click here.