Picture this, you need to pay 2000 employees tomorrow but when you go to make the transaction, you realize that your SWIFT environment is completely down, simply because you forgot to make the necessary updates, were not aware of the updates, or another blocking issue.
Now, you are unable to perform transactions and it is unlikely that you will be able to solve the problem in time. Salaries will not be paid! Think about how bad this can be for your business.
Situations like this are more common than you might think, seeing as the SWIFT Network deals with sensitive data and the financial sector is a favored target for cyberattacks. Therefore, SWIFT must release regular updates to ensure the security of its community.
And here is where regular health checks are introduced.
Why are regular health checks on your SWIFT infrastructure necessary?
Just like humans, your financial messaging infrastructures need regular health checks to avoid and prevent any potential damage that may be sustained before it is too late to act.
You might think that once you have set up your infrastructure, you are in the safe zone. However, the SWIFT network includes a lot of components that require attention, in addition, the SWIFT network is evolving every year, releasing several updates, and if these changes are not addressed regularly, they can leave gaps within your infrastructure.
Eventual issues that will occur if your SWIFT environment is not maintained correctly include:
- Damage to business reputation
- Unnecessary loss of time and money
- Security patches not installed
- Swift certificates expired
- Password Renewal / Locked Tokens
- Unable to log in to SWIFT
- User creation and revocation
- Transactions not being executed
- Unable to see transaction history
- Transactions rejected by the counterparty
Regular health checks can identify any current problems and predict future issues, giving you peace of mind and confidence in your SWIFT environment.
How DiXiO can help?
We know that performing regular health checks is not an easy task for most institutions, as it takes time and experience.
That is why we designed Serenity – a proactive Financial Messaging support service for SWIFT users, that includes regular health checks and training, with an end-to-end approach covering flows from your back office to the banks.
We have worked on SWIFT for more than 20 years, which means we understand the challenges related to Financial Messaging.
During our quarterly health checks, we conduct an in-depth analysis of every SWIFT component to be sure that your SWIFT environment is running smoothly for the following months. With our proactive support, we also work very closely with our clients to make sure they are aware of SWIFT’s latest updates and training.
With Serenity, you will never need to wait for an alarm bell to ring, because we will always be behind the scenes taking care of your SWIFT environment in advance, so you can have peace of mind and focus on your work.
Let us take care of what’s behind the scenes!
👉 Are you looking for Serenity? Feel free to reach out to one of our experts to learn how we can help your institution!