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About SWIFT UK Ltd

Under SWIFT (Society for Worldwide Interbank Financial Telecommunication) By-Laws each country organises a SWIFT National Member Group (NMG) and SWIFT National User Group (NUG). SWIFT UK Ltd (“SWIFT UK”) is the legal structure that both the NMG and NUG have chosen to undertake their work on behalf of the UK SWIFT community.

The UK was one of 15 founding member countries of SWIFT and SWIFT UK is one of the oldest NMGs. Our aim so to bring together SWIFT users based in the UK to ensure the UK community has a leading voice that can provide feedback directly to the SWIFT Board.

We:

  • receive updates and insights from SWIFT SC which are disseminated to the UK Community
  • provide our members with invaluable networking and industry engagement opportunities
  • identify, monitor and research current and emerging issues
  • undertake lobbying
  • influence key stakeholders
  • form common UK agreement on policy
  • discuss key developments such as ISO 20022
  • facilitate communication and collaboration between SWIFT SC and its UK users and shareholders
  • provide effective representation for our members, protecting their interests and co-ordinating their views.

Currently, 800 leading UK banks and institutions are users of SWIFT.

Membership of SWIFT UK is open to the entire community of SWIFT users in the UK and we welcome all UK SWIFT users to “Join SWIFT UK Ltd” to help enhance the UK community voice to shape future SWIFT SC’s initiatives, engage in global horizon scanning opportunities and inform the SWIFT SC strategy implementation.

What can SWIFT UK do for me?

Membership provides you with a forum to:

  • Make your voice heard: discuss and influence key areas of SWIFT strategy, from regulatory and resiliency issues to corporate access and reference data.
  • Shape the debate: get access to SWIFT SCRL Board papers including decision papers and new policy proposals, and influence decisions through the UK representatives on the SWIFT UK Board.
  • Engage at senior level: access key product and advisory groups including:
    Banking & Payments Committee
    Securities Advisory Forum
    Network & Interfaces Product User Group
    Corporate Access Group
    Trade Advisory Group
    FX Money Markets & Commodities Product User Group
    Financial Crime & Compliance Advisory Group
  • Benefit from regular networking opportunities: share strategic and operational views with industry colleagues.
     
  • Reduce your workload: let us keep you up to speed with new developments and trends in the SWIFT community internationally, however where you wish to be more active you can directly participate in any of the above product and advisory groups.

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What is the National Member and User group?

  • SWIFT UK Ltd is the legal structure through which the National Member Group and the National User Group conducts its business on behalf of the UK SWIFT community.

The National Member Group (NMG) refers to those institutions which are:

  1. Established in the UK,
  2. Shareholders of  SWIFT SC, and
  3. Members of SWIFT UK Ltd.

The National User Group (NUG) refers to those institutions which are:

  1. Established in the UK,
  2. Only users of SWIFT SC’s services and/or products, and
  3. Members of SWIFT UK Ltd.

SWIFT UK Ltd represents both the NMG and NUG. The NMG is made up of all the SWIFT UK members who are the nation’s SWIFT SC shareholders. The UK NMG has a representative on the SWIFT SC Board of Directors where they provide advice and feedback the UK NMG’s co-ordinated views.

SWIFT UK Ltd represents the NUG through a number of fora such as the Banking Payments Committee (BPC) and the Trade Advisory Group (TAG) which are responsible for planning, coordinating and facilitating activities that impact upon the wider SWIFT UK community. The NUG helps with the development of SWIFT SC products and services that are beneficial to the UK SWIFT community. Further information about the SWIFT UK Committee, Advisory Groups and Forum that undertake this work is available here. If you, or your institution are interested in joining SWIFT UK, details on how to get involved can be found here.

 

Who to contact?

For any questions or details on how to join, please contact: SWIFTUK@wearepay.uk or phone +44(0) 20 3217 8699.