RBS SWIFT Bureau Launched

The Royal Bank of Scotland announces the RBS SWIFT Service Bureau for corporates that require an outsourced service for connecting to the SWIFT network. The new service will form part of RBS’s extensive range of proven banking solutions to help corporate customers manage their payments needs. It will be of interest to companies who require direct connectivity to SWIFT - for example, those with high volumes of international payments or multiple banking relationships - but without the costs and management overheads of full SWIFT membership. It is unique in offering this service via a direct relationship with a trusted banking partner.

The RBS SWIFT Service Bureau will deliver all SWIFT data processing and connectivity in a secure, reliable and resilient environment with full backup, disaster recovery, systems maintenance, infrastructure upgrades and on-going support with real-time monitoring and contingency. In addition to connectivity, the bureau service also manages messaging and business functionality normally provided by in-house applications, such as message reformatting to comply with current and ongoing SWIFT standards and data enrichment and repair to increase Straight Through Processing (STP) rates. The service will deliver this functionality from a single secure connection, whilst customers still have full control and management of their SWIFT messages.

The bureau offers users a flexible, cost effective solution that provides one route to a real-time, intra-day view of all cash positions, enabling better cash and liquidity management. It will allow users to take advantage of value added services and SWIFT Business Solutions such as cash management, reconciliation and reporting.

Gary Wright, Head of International Cash Management and Product Development, Global Transaction Services, RBS says:

“Customer feedback showed that corporates want to make better use of the SWIFT network and are looking to leverage their existing banking relationships to achieve this. RBS is a trusted partner that can support all on-going connectivity needs. This service allows corporates to focus operational and IT staff on managing and growing their core business secure in the knowledge that SWIFT connectivity, along with their other banking services, is provided by the UK’s largest corporate bank.”

The RBS SWIFT Service Bureau will be powered by technology partner Simplex Consulting. David Reeve, Chief Executive Officer, Simplex Consulting comments:

“Corporates increasingly view management of SWIFT connectivity as part of their overall banking strategy. There is a clear need in the market for a service bureau for corporates that combines the reliability of a trusted bank such as RBS and proven service bureau technology from Simplex. This offering enables corporates to fully realise the benefits to be gained from using the SWIFT network.”

Berkshire Hathaway Not Bidding for RBS Insurance

Berkshire Hathaway will not bid for the $14 billion auction of the Royal Bank of Scotland's insurance business.
The firm, owned by billionaire investor Warren Buffett, has not given a reason for the pull-out.

"Although we had looked at it, we are not participating in the bidding," said Debbie Bosanek of Berkshire Hathaway.

The bank has also refused to comment, the Financial Times reports.

Buyers still left in the auction include Assicurazioni Generali SPA, AXA SA, Allianz SE and Zurich Financial AG.

Several private equity groups have already been excluded for not being able to raise the funds necessary.

Insurers Direct Line and Churchill, both owned by the bank, are for sale in the auction.

The deadline for bids is May 28th.