HSBC first to use SWIFT message
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HSBC becomes the first bank in Thailand to use the exchange's SWIFT message service, designed to provide timely and accurate info to investors.
The bank on Sept 14 signed CA Swift Message Service Agreement with the Stock Exchange of Thailand (SET) to become the first bank to accept Corporate Action SWIFT (CA SWIFT) message.
Initiated by the Stock Exchange of Thailand to streamline post-trade communication with investors, SWIFT message is currently used as a communication mode among financial institutions. CA SWIFT messaging project aims to improve the Straight Through Processing (STP) rate and reduce the lead time in corporate action announcements for the custodian banks. This service will offer timely and accurate information to the investors. Thailand will be the first country in the Asia Pacific region to adopt this international standard of communication.
