8 Considerations in Selecting a SWIFT Bureau
For some institutions, it is possible that some considerable time has elapsed since they last reviewed the trade-offs and issues that need to be addressed in selecting a connectivity option. For organisations considering the option of connecting via a bureau for the first time, there are a number of additional considerations. To assist organisations in defining their criteria for SWIFT bureau selection, Synergy Financial Systems has produced this simple guide.
- If you are not sure about using a bureau for connectivity, you may need to talk to the team at SWIFT. For large institutions, able to dedicate multiple skilled people to supporting and maintaining interfaces the decision could be in favour of direct connection. For many organisations, the cost and complexity of operating their own infrastructure can be prohibitive. In these instances, a hosted connectivity option via a bureau is usually cheaper as well as being more resilient and, because maintenance and support is entrusted to people who specialise in the systems and software concerned –more reliable.
- If you are using your own, pre-existing, Datacentres, your contingency planning will already have addressed resilience issues. If you opt for the bureau connection option, you need to understand how resilience is delivered. Questions to address include the status of all the Datacentres in any proposal you are reviewing. Dual-active operation (where any fall-back is to an already live, traffic carrying, infrastructure) will always be more reliable than situations where the fall-back implementation has to be brought in to service. Geography is a vital consideration. Resilience can only be assured if Datacentres are located far enough apart to ensure that network access points are genuinely diverse. Depending on your requirements, you may wish to consider the option of pan-European Datacentre diversity and to select bureau partners able to offer this.
- Message Transformation – Changing legacy systems to match changes in connectivity can be frustrating, expensive and time consuming. This element of the project can readily be simplified if your chosen bureau partner is able to offer a light-weight application that is easy to embed in your systems architecture and easy to configure to provide the required message transformations.
- DR Test – The simplest questions can often lead to additional costs. Ensuring that the basic elements of your contingency plan are included in the standard bureau offer is imperative. It is likely that you plan to exercise your Disaster Recovery plan twice per year – is this offered as standard?
- Support Team – The bulk of UK SWIFT traffic is terminated in The City – in normal operations. Your contingency planning will most likely include reference to mitigation of pandemic risks. Selecting a bureau that is supported by staff from within a City location with the regular option of support being provided by skilled people working in multiple locations remote from London will help in meeting your obligations in this respect.
- Constant Performance Monitoring – When you out-source anything, you inevitably give up some control. Peace of mind is only possible if you can be sure that the people to whom you trust things are taking more care that you would have been able to resource. Make sure that you select a bureau that offers constant performance and connectivity monitoring as standard.
- Project Management – Doing anything complex for the first time is daunting. At a time when all operational managers are tasked with proving best value, learning from your mistakes can prove more costly than might be tolerated. Choosing a bureau that will make sure you are on track throughout the change process without sending you a substantial bill for additional professional services will help you to be more effective.
- Proven Track Record – Taking up supplier references is good practice in any selection process. Make sure that you take advantage of any customer lists provided to you as references. Examine the way in which you are given references. Have you been given a complete customer list and then made your own selection of existing clients to speak to, or were you given two pre-selected contacts?
Accredited SWIFT Service Bureaux are all professional organisations. As long as you manage the selection process effectively, you will choose the local provider who suits your organisation. And you have a realistic probability of making savings whilst improving resilience and whilst bolstering your contingency planning.