Danske Bank Group is among the first Nordic banks to be connected to Tieto Payment Factory via SWIFT. Danske Bank Group’s corporate customers can now reach all their global banking partners through one single channel more easily and cost efficiently – Tieto Payment Factory service with SWIFT Service Bureau.

Additionally, the collaboration allows Danske Banks’ and Tieto’s joint customers to benefit from ISO20022/XML-based fully automated payment and account reporting services.

“International corporations are doing business with several banks in several countries. Corporations have previously communicated with their banks by using proprietary channels and bank or country specific formats.

Having visibility to cash globally in such a complex environment can be a challenging task. SWIFT solves this by providing a standard interface to banks and thus significantly helps improve working capital management and infrastructure”, says Claus Sшrup Rasmussen, Head of Cash Management Sales CIB, Danske Bank Group.

“Through Tieto’s Payment Factory service, Danske Bank Group’s corporate customers can easily connect to SWIFT and reach all their banking partners globally through a single channel.

By using value added services such as format conversion provided by the Tieto Payment Factory, corporations can benefit both from a simplified ERP integration and a standardised international messaging format”, says Markus Hautala, Director, Tieto, Value Networks.

The European and global harmonisation of payments standards will support the diffusion of the new service. As a result of the creation of the Single Euro Payments Area, SEPA, Europe will use global payment messages based on the ISO20002 message standard.