Local banks get guidance on SWIFT security products |24 May 2018

The Central Bank of Seychelles recently facilitated a workshop for local banks and other financial institutions to provide guidance on the different security products provided by the Society for Worldwide Interbank Financial Telecommunications (SWIFT) as well as the SWIFT Customer Security Programme (CSP), with the aim of enhancing the infrastructure and security around financial transactions for the banking sector.

The workshop, conducted on May 14, 2018, was facilitated by Thierry Kendie, a business development executive from the South African company Trustlink (Pty) Ltd, a regional service bureau company partnered with SWIFT and by Mark Buysse, head of professional services Middle East, Turkey and Africa for SWIFT, based in Belgium.

Mr Kendie, who was being hosted by the Central Bank from May 14 to 18, 2018, presented the Central Bank, the commercial banks and other financial institutions, with the relevant SWIFT products.

Messrs Kendie and Buysse also discussed the mandatory CSP requirements, which are aimed at enhancing the security of the interconnected international banking system, taking into account the cyber security threats that persist worldwide. Discussions were held with the banks and other financial institutions at an individual level to identify possible solutions to address their specific needs and challenges vis-à-vis the mandatory requirements set by SWIFT.

The Central Bank of Seychelles started using the SWIFT Sanction Screening System, one of the CSP products offered by SWIFT, in March of this year, and encourages all banks to adopt relevant SWIFT security software and services, which are used globally by over 700 banks including Central Banks, in a bid to ensure a safe and secure banking environment.