GXS Launches SWIFT Service Bureau

GXS, a provider of business-to-business (B2B) e-commerce solutions, has announced that it is now a SWIFT Service Bureau provider. 

Officials with GXS claimed that the new service creates the world's largest "B2Bank" business network by establishing interoperability between the largest networks for financial transactions and B2B e-commerce across all continents, giving companies a single way to connect with banks, suppliers and customers.

Company officials said that the GXS SWIFT Service Bureau provides an outsourced IT service to manage a company's banking transactions, including payments, foreign exchange and securities processing, without the burden and costs of managing the associated technology infrastructure. 

According to company officials, with the GXS SWIFT service, treasury groups can gain visibility to their cash positions across their banking relationships, improving liquidity management and working capital.

"Access to the SWIFT network gives corporate treasury groups two things that are on top of their lists these days: simplifying their banking transactions and improving transparency and control," said Susan Feinberg, senior research director, TowerGroup, in a statement. 

Feinberg said that the ability to manage both banking services and B2B e-commerce through a single provider is a major advantage to businesses in today's challenging economic environment.

David Pryce, head of partner and channel management, SWIFT Americas said that secure, reliable integration with financial institutions is mandatory for most businesses around the world. 

“With 40,000 customers, GXS is a significant addition to the SWIFT partner network and we are delighted to work with them on this new service”, said Pryce.

SWIFT manages the world's largest network for financial transactions.

"At GXS, we're seeing a clear trend of companies rationalizing the number of banking relationships to improve Treasury operations," said Mark Mixter, senior global product manager for financial services, GXS.

Mixter said that as corporate treasurers look for efficiencies; they are often restructuring back office operations and using SWIFT Corporate Access to standardize their B2Bank integration channels.