Global reinsurer SCOR focuses on breakthrough innovation by offloading financing messaging operations
Leading risk carrier SCOR markets value-added reinsurance services and products to businesses worldwide. SCOR has built an international reputation by focusing in three core areas: Global Property and Causality (P&C) reinsurance, Global Life reinsurance, and Global Investments asset management. SCOR’s corporate headquarters is located in Paris, France.
Global reinsurer SCOR recognized that it needed to offload the increasing technical complexity and costs of maintaining its financial network. It needed a centralized cloud-based SWIFT-based secure financial messaging solution. Among its demanding requirements were demonstrable project integration capabilities and expertise in SWIFT and the latest electronic signature technology for securing file transfers.
Bottomline’s Financial Messaging Solution
The cloud-based GTCloud financial messaging solution is the latest in a multi-phase project partnership between SCOR and Bottomline Technologies. Together, they are creating a global financial network for all SCOR groups. The network will support bank account reconciliation, foreign exchange trade confirmations and investment portfolios and SWIFT and SEPA file format translation. The financial messaging solution is compliant with ISO 20022 and SEPA requirements.
SCOR is using Bottomline’s Geneva bureau for messaging (SWIFT access and SWIFT 3S-key and sanction filtering). In addition, they have implemented Bottomline’s reconciliation solution (GTMatch) and format transformation solution for SEPA (GTFrame) on their premises (locally deployed).
Bottomline GTCloud provides an end-to-end financial messaging solution for payment security that includes digital identification and authentication.
By relying on Bottomline’s solid global GTCloud financial network, SCOR can concentrate its energies on strengthening its position among the world’s leading reinsurers and adding value by creating innovative, customized solutions for its customers over the long term.
In the Customer’s Own Words
“Bottomline Technologies is one of the few suppliers that provides an end-to-end solution like GTCloud that includes connectivity, formatting, reconciliation and electronic signature.”
-- Laurent Guéraud, Project Director, SCOR