Chainlink ACE is about to change how global commerce and remittance work forever. With its recent live deployment, what began as an ambitious vision to connect fragmented financial systems is now powering real-world money movement on a previously unimaginable scale. Picture this: Brazil’s Central Bank digital currency can now settle directly with the Hong Kong Monetary Authority, opening the door for Banco Inter’s staggering 40 million user base to send funds to Standard Chartered Bank in seconds instead of wrangling with the archaic, five-day-long waits of the legacy SWIFT system.

The numbers behind this transformation are huge. The Brazilian remittance corridor alone is an $8.5 billion market, historically routed through expensive and time-consuming intermediaries that siphoned off 3–7% per transaction. Chainlink’s new ACE settlement rails obliterate those costs, slashing them to under 0.5%. For millions of Brazilian workers who send money home or for businesses transacting with partners in Hong Kong, this isn’t just an incremental improvement. It’s a foundational change in how value moves, one where instant finality and rock-bottom fees become the new norm.

This isn’t just about cheaper payments. With Hong Kong’s $13.5 trillion trade finance sector now just a few API calls away from seamless settlement using digital currencies, the knock-on effects will ripple across multiple industries. The ability for exporters, importers, and banks to get paid, unlock letters of credit, or finance invoices within seconds creates a whole new engine for global trade growth. Suddenly, the cash locked up in days-long float or hidden behind inefficient FX processes gets unleashed, fueling liquidity and unlocking business models that could never function under the old regime.

What makes this breakthrough truly revolutionary is that it isn’t a test, a prototype, or a sandboxed “pilot” experiment. It’s live, it’s compliant, and it’s integrated directly into the working infrastructures of some of the world’s biggest banks and commerce networks. This is the shift from proof-of-concept to production-grade rails for international finance. The collaboration between Banco Inter and Standard Chartered isn’t just symbolic, it is the first step toward disintermediating legacy gatekeepers and proving that chains like Chainlink can be trusted by the most risk-averse and highly regulated institutions.

For fintech leaders and market watchers, the implications are staggering. The velocity of money across continents is no longer throttled by bureaucracy or gouged by inefficiency. Every new rail built using Chainlink ACE means instant, low-cost connectivity for millions. As more central banks, commercial banks, and trade finance networks plug into this web, expect a snowball effect that forces the old financial guard to adapt or fade. Chainlink’s role at the foundation of this new system signals the start of the fast money era, where clicks replace paperwork and cross-border transfer becomes as easy as sending an email. The global payments world has officially crossed the Rubicon and there’s no turning back.

Chainlink ACE Unleashed: The CBDC Breakthrough Turning Brazil-Hong Kong Transfers Into Instant Cash was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.

Last Updated on September 2, 2025 by Narendra Sahoo

SWIFT, the global backbone for secure financial messaging, plays a critical role in enabling fast and reliable cross-border transactions. But as cyber threats grow more advanced, financial institutions must implement robust SWIFT security controls to safeguard their systems and prevent fraud.

The SWIFT Customer Security Programme (CSP) was established to enhance cybersecurity hygiene across its network, helping institutions protect against fraud and cyberattacks. This article explores key security controls within the SWIFT CSP compliance framework and outlines best practices for financial institutions to strengthen their SWIFT security posture.

What is SWIFT CSP?

The SWIFT CSP, launched in 2016, is designed to mitigate cybersecurity risks and enhance the overall security of financial institutions. The program includes the Customer Security Controls Framework (CSCF), which defines both mandatory and advisory security controls based on industry standards such as NIST, ISO 27001/2, and PCI DSS 4.0. These controls aim to secure financial institutions’ environments, restrict unauthorized access, and ensure timely detection and response to potential threats.

To learn more about SWIFT CSP, you may also check out our informative video on – What is the SWIFT Customer Security Programme (CSP)?

Key Security Controls in the SWIFT Framework

SWIFT CSCF has 32 security controls, in which 25 are mandatory and 7 are advisory controls. The difference between the mandatory controls and advisory controls is that the mandatory controls are considered extremely important, considering they set the baseline security that all users must adhere to, while advisory controls are recommended by SWIFT as best practices but are not strictly enforced.

Here are the three core objectives of SWIFT CSCF:

Secure Your Environment – Implementing controls to protect SWIFT-related systems from external and internal threats.

Know and Limit Access – Ensuring that only authorized personnel have access to critical systems.

Detect and Respond – Monitoring and responding to security incidents in a timely manner.

Below is the list of the 32 security controls with their principles.

1. Restrict Internet Access and Protect Critical Systems from General IT Environment

1.1 SWIFT Environment Protection

1.2 Operating System Privileged Account Control

1.3 Virtualisation or Cloud Platform Protection

1.4 Restriction of Internet Access

1.5 Customer Environment Protection

2. Reduce Attack Surface and Vulnerabilities

2.1 Internal Data Flow Security

2.2 Security Updates

2.3 System Hardening

2.4A Back Office Data Flow Security

2.5A External Transmission Data Protection

2.6 Operator Session Confidentiality and Integrity

2.7 Vulnerability Scanning

2.8 Outsourced Critical Activity Protection

2.9 Transaction Business Controls

2.10 Application Hardening

2.11A RMA Business Controls

3. Physically Secure the Environment

3.1 Physical Security

4. Prevent Compromise of Credentials

4.1 Password Policy

4.2 Multi-Factor Authentication

5. Manage Identities and Separate Privileges

5.1 Logical Access Control

5.2 Token Management

5.3A Staff Screening Process

5.4 Password Repository Protection

6. Detect Anomalous Activity to Systems or Transaction Records

6.1 Malware Protection

6.2 Software Integrity

6.3 Database Integrity

6.4 Logging and Monitoring

6.5A Intrusion Detection

7. Plan for Incident Response and Information Sharing

7.1 Cyber Incident Response Planning

7.2 Security Training and Awareness

7.3A Penetration Testing

7.4A Scenario-based Risk Assessment

Best Practices for Financial Institutions to Enhance SWIFT Security

Being SWIFT CSP compliant can bring many advantages to your organization along with enhanced security controls. To align with SWIFT CSP requirements, you should consider the following best practices:

1.     Adopt a Risk-Based Approach

• Conduct regular risk assessments to identify vulnerabilities and address them proactively.
• Prioritize security measures based on potential impact and threat landscape.

2.   Strengthen Access Controls

• Enforce the principle of least privilege by restricting access based on roles and responsibilities.
• Implement robust authentication mechanisms such as MFA.
• Regularly review and update access permissions.

3.  Enhance Network Segmentation

• Isolate SWIFT-related infrastructure from general IT environments.
• Use firewalls and secure VPNs to control and monitor network traffic.

4.  Implement Continuous Monitoring and Threat Detection

• Deploy Security Information and Event Management (SIEM) solutions for real-time monitoring.
• Regularly analyze logs to detect and respond to suspicious activities.

5. Regularly Update and Patch Systems

• Apply security updates to all SWIFT-related components to mitigate known vulnerabilities.
• Conduct periodic penetration testing to identify and remediate security gaps.

6. Enhance Security Awareness and Training

• Train employees on phishing, social engineering, and cybersecurity best practices.
• Conduct regular security drills to test incident response readiness.

Importance of Engaging Independent Assessors

To ensure compliance with SWIFT CSP requirements and improve security maturity, financial institutions should engage independent assessors. These experts:

• Provide an unbiased evaluation of SWIFT security implementation.
• Identify gaps in security controls and recommend improvements.
• Assist in compliance reporting and attestation processes.

By working with independent assessors, financial institutions can enhance their security resilience, meet regulatory expectations, and mitigate risks effectively.

Conclusion

SWIFT security is a critical component of financial institutions’ cybersecurity strategy. By implementing the best practices outlined in this article and adhering to SWIFT CSP security controls, you can protect your organization’s infrastructure, prevent fraudulent activities, and build a secure financial ecosystem.

Want to assess your SWIFT compliance or need expert guidance on securing your infrastructure? Fill out our inquiry form today and let our experts assist you in achieving a strong and compliant SWIFT security framework.

The post SWIFT Security Controls:Best Practices for Financial Institutions appeared first on Information Security Consulting Company - VISTA InfoSec.

The SWIFT Customer Security Programme (CSP) is a security framework developed by SWIFT to improve the cyber security posture of financial institutions connected to its network.  It aims to fight against growing cyber threats by providing a structured set of 32 SWIFT security controls that institutions must implement to safeguard their SWIFT related infrastructure.

These controls are grouped under three key objectives: Secure Your Environment, Know and Limit Access, and Detect and Respond. To learn more about the key objectives and principles of the CSP check out this quick guide to SWIFT CSP.

In this article, we will explore the key steps to ensure compliance with SWIFT CSP, common compliance challenges and their solutions, and the consequences of SWIFT CSP non-compliance. So, let’s get started!

Steps for achieving SWIFT CSP compliance

1.Understand the SWIFT CSP framework 

Review the SWIFT Customer Security Controls Framework (CSCF) through the SWIFT CSP portal to understand all the security requirements there related to secure communication, operations, and cybersecurity.

2.Conduct a self-assessment

• Perform gap analysis to assess your current security posture.
• Complete the SWIFT CSP compliance questionnaire to check the current alignment with the required controls.

3.Implement security controls

• Deploy required cybersecurity measures like multi-factor authentication (MFA), data encryption, and segregation of duties.
• Update internal security policies that need to be updated to meet SWIFT CSP standards and set up continuous security monitoring.

4.Engage in SWIFT’s assurance process

• If needed, hire a third-party auditor for a formal review and assurance report. Alternatively, complete self-certification to declare compliance.

5.Address gaps and remediate

• Implement corrective actions for any identified non-compliance areas.
• Test the security controls to ensure they meet SWIFT’s standards.

6.Regular reviews and updates

• Continuously monitor and update security measures to stay compliant.
• Conduct annual reviews to ensure all security controls are current with SWIFT’s evolving requirements.

 7.Document and report compliance

• Maintain detailed records of assessments, audits, and actions taken.
• Submit required reports to SWIFT, ensuring all documentation is accurate and up to date.

8.Training and Awareness

• Provide ongoing training for employees on SWIFT CSP requirements and security best practices.
• Develop a culture of security awareness to reduce risks and ensure compliance.

Common challenges and solutions to maintain compliance

1. Adapting to Evolving Security Standards

The Challenge:

SWIFT frequently updates its CSP requirements to keep up with new threats and vulnerabilities in the financial system. For institutions with limited resources or complex IT environments, staying ahead of these changes can feel like an uphill battle.

The Solution:

Assign a dedicated compliance officer or team to monitor SWIFT updates and ensure they’re reflected in your security controls. You can register yourself with the SWIFT Council, which will give you access to restricted materials by SWIFT and also get immediate updates of any changes or challenges. Make it a routine to review new SWIFT CSP guidelines, adapt your processes, and document every change. Most importantly, communicate these updates across the organization so everyone is on the same page.

2. Resource Constraints

The Challenge:

Meeting SWIFT CSP’s security requirements is no small feat. For smaller institutions or those with tight budgets, implementing and maintaining these measures can be a significant strain.

The Solution:

Focus on what matters most, and prioritize critical controls that address the biggest risks. Take advantage of cost-effective solutions like cloud-based security tools or automation to streamline processes. When resources are stretched thin, consider outsourcing non-core compliance tasks to specialized third-party providers. Ensure you are regularly audited (even internally) by a third party to confirm that, with the lean resources, you are still a main team with no gaps.

3. Complexity in Security Infrastructure

The Challenge:

Financial institutions often manage sprawling IT systems with diverse technologies and platforms. This complexity can make it challenging to apply SWIFT CSP controls consistently across the board.

The Solution:

Tackle the challenge step by step. Start with a phased approach, prioritizing high-risk areas first. Focus on core security measures like multi-factor authentication (MFA), encryption, and access management. Regularly test your infrastructure to catch integration issues early and ensure everything is working together smoothly. Since the penalties are high and the risks are also pretty high, it would be of good use to your organisation to interact with your auditors or consultants to confirm that you are on the right track.

4. Employee Awareness and Training

The Challenge:
Security isn’t just IT’s job, every employee has a role to play. But getting everyone, from technical staff to end users, to understand their part in SWIFT CSP compliance can be a daunting task, especially in large organizations.

The Solution:
Invest in tailored, role-based training programs that emphasize SWIFT CSP requirements and security best practices. Reinforce this knowledge with periodic security awareness campaigns, like phishing simulations, to keep employees on their toes. Develop a culture of security where compliance isn’t just a checkbox but a shared organizational value. Ensure that the learnings are fine tuned as per the department and the work expectations from a team instead of a generalised training which covers something as mundane as “What is information security”.

5. Continuous Monitoring and Incident Response

The Challenge:
Monitoring security controls around the clock and responding swiftly to incidents can be overwhelming without the right tools and processes in place.

The Solution:
Adopt automated tools for real-time monitoring and incident detection. These systems can flag suspicious activity immediately, allowing your team to act fast. Streamline your response with automated workflows designed to contain threats quickly. Ensure alerts are configured to be sent to relevant personnel to report on critical time sensitive events. Don’t forget to regularly review and update your incident response plans to align with SWIFT’s evolving requirements.

6. Third-Party Risk Management

The Challenge:
Your security is only as strong as your weakest link, which often includes third-party vendors. Managing the security posture of external partners can be tricky, especially when their standards don’t match yours.

The Solution:
Set clear expectations for vendors by requiring them to comply with SWIFT CSP controls. Conduct regular audits to ensure they’re meeting these standards and include robust security clauses in your contracts. Make security assessments a non-negotiable part of your vendor on boarding process. Ensure that these strict processes are not limited to just the onboarding process but also on an ongoing basis. Also make sure you have the right to audit in all your agreements.

The consequences of non-compliance

1. Financial Losses: Exposure to losses from breaches and cyberattacks.
2. Reputational Damage: Loss of client trust and business opportunities.
3. Exclusion from SWIFT: Disconnection from SWIFT, halting transactions.
4. Regulatory Penalties: Fines for failing to meet compliance requirements.
5. Increased Cyberattack Risk: Greater vulnerability to data breaches and ransomware.
6. Loss of Client Confidence: Erosion of client trust in data protection.
7. Legal Liabilities: Risk of legal action from non-compliance.
8. Operational Disruption: Delays, errors, and compromised systems.
9. Remediation Costs: High expenses for fixing compliance gaps.

Wrapping Up

Maintaining SWIFT CSP compliance is important for financial institutions to protect against cyber threats, ensure operational resilience, and uphold trust within the global financial system. By following SWIFT’s security guidelines and taking proactive measures to resolve compliance issues, organizations can steer clear of serious repercussions like financial losses, reputational damage, and exclusion from the SWIFT network.

Why trust VISTA InfoSec for SWIFT CSP compliance?

VISTA InfoSec brings over decades of expertise in cybersecurity and compliance, offering end-to-end support for cybersecurity and SWIFT CSP Certification. Our team of seasoned professionals and SWIFT CSP assessors understands the complexities of the SWIFT CSP framework and provides tailored solutions to address your unique business needs. Partnering with VISTA InfoSec means leveraging our deep industry knowledge, commitment to excellence, and unwavering focus on securing your organization against evolving cyber threats.

Learn more about the SWIFT Customer Security Programme and the reigning cybersecurity regulations and standards at our official YouTube channel. You may also fill out the ‘Enquire Now’ form for a FREE one-time consultation or contact us at the registered number listed on our website to get started with SWIFT CSP compliance.

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The Society for Worldwide Interbank Financial Telecommunication (SWIFT) provides secure and reliable communication networks for over 11500 connected financial institutions to facilitate cross-border payments and securities transactions.

But as digital thieves and cyberattacks became more sophisticated targeting the financial sector, it led to the rise of cyber security cases which is why SWIFT introduced the SWIFT Customer Security Programme (CSP), a set of cybersecurity requirements designed to protect the global financial ecosystem.

In today’s article, we will explore what SWIFT CSP is, its key objectives, the compliance checklist, and how VISTA InfoSec can help you with compliance requirements with an all rounder exclusive SWIFT CSP guide.

What is SWIFT CSP, and why it was introduced?

SWIFT CSP is a cybersecurity initiative established to ensure that financial institutions adopt strong data control measures to protect their environment against cyberattacks. It outlines 32 security controls with 25 mandatory controls and 7 advisory controls that financial institutions connected to the SWIFT network must implement to prevent cyber fraud and maintain the integrity of global financial transactions.

The reason why SWIFT took the initiative to introduce the Customer Security Programme (CSP) was due to a series of high-profile cyberattacks in 2016, particularly the Bangladesh Bank heist which revealed significant vulnerabilities within the local security measures of individual institutions.

Attackers exploited weak local security measures at individual institutions to send fraudulent SWIFT messages, resulting in substantial financial losses. These incidents highlighted the need for a unified security standard across all SWIFT users, and so in 2017 it launched the CSP with the following key objectives:

1. Strengthening Security: Establishing a consistent baseline of security controls to secure SWIFT-related infrastructure.
2. Detecting and Responding to Threats: Enhancing the ability of institutions to detect anomalies and respond swiftly to cyber incidents.
3. Promoting Accountability: Encouraging financial institutions to take responsibility for securing their local environments and ensuring compliance through independent SWIFT CSP assessments.

Swift Customer Security Controls Framework | key objectives and principles

Below are the 3 key objectives and 7 principles, as defined in the updated SWIFT CSP framework.

1.Secure Your Environment

• Restrict Internet access & segregate critical systems from the general IT environment
• Reduce attack surface and vulnerabilities
• Physically secure the environment

2.Know and Limit Access

• Prevent compromise of credentials
• Manage identities and segregate privileges

3.Detect and Respond

• Detect anomalous activity in system or transaction records
• Plan for incident response and information sharing

SWIFT CSP compliance checklist

1. Governance and Oversight

• Establish a cybersecurity governance framework for SWIFT-related environments.
• Assign clear accountability for implementing and maintaining SWIFT security controls.
• Conduct periodic reviews of security policies and compliance measures.

2. Securing the Local Environment

a) Endpoint Protection:

• Ensure all SWIFT-related applications, systems, and interfaces are secured.
• Implement strong firewall configurations to prevent unauthorized access.
• Regularly patch and update software to address known vulnerabilities.

b) Physical Security:

• Restrict physical access to SWIFT-connected infrastructure.
• Use surveillance and access controls for server rooms and data centers.

3. Access Control

• Implement role-based access controls (RBAC) to limit access to critical systems.
• Use multi-factor authentication (MFA) for SWIFT interfaces and applications.
• Regularly review and update user access privileges.
• Disable unused or unnecessary accounts promptly.

4. Secure Messaging Practices

• Encrypt all financial messages transmitted over the SWIFT network.
• Monitor messaging flows to detect any anomalies or unauthorized activities.

 5. Monitoring and Threat Detection

• Deploy tools for continuous monitoring of SWIFT-related environments.
• Implement anomaly detection systems to identify unusual patterns in transactions or system behavior.
• Conduct regular vulnerability scans and penetration tests.

 6.Incident Management

• Develop and maintain an Incident Response Plan (IRP) specific to SWIFT environments.
• Test the IRP periodically to ensure its effectiveness in mitigating cyber incidents.
• Report security incidents to SWIFT promptly, as per the CSP guidelines.

 7. Training and Awareness

• Conduct regular cybersecurity training for employees and stakeholders.
• Focus on phishing awareness, secure usage of SWIFT systems, and compliance with CSP requirements.

  8.Annual Attestation

• Complete and submit the annual compliance attestation between July and December of each year through the SWIFT KYC Security Attestation application.
• Include evidence of control implementation and details of any compensatory measures.
• Share attestation results with counterparties as required.

How VISTA InfoSec can assist with SWIFT CSP Compliance?

VISTA InfoSec is recognized with SWIFT as an authorised auditing organisation. As a CREST-certified organization, VISTA InfoSec’s SWIFT CSP assessors bring extensive expertise in cybersecurity and compliance frameworks. Our team provides end-to-end support, starting with a comprehensive gap assessment to evaluate your current security posture against the requirements of the SWIFT Customer Security Controls Framework (CSCF).

Based on this analysis, we deliver actionable insights to address compliance gaps, implement mandatory and advisory controls, and strengthen your overall cybersecurity infrastructure. Our services are designed to ensure a seamless compliance journey, including policy reviews, risk-based control implementation, and ongoing guidance for annual attestations.

We are also offering ‘AuditFusion360’ a one-time audit service for all your compliance needs, including SWIFT CSP, PCI DSS, SOC 2, GDPR, ISO 27001, and more. This unique approach streamlines the compliance process, reduces redundancies, and saves time and resources by addressing multiple frameworks in a single engagement. So, partner with VISTA InfoSec to simplify your compliance efforts and fortify your cybersecurity posture while ensuring adherence to SWIFT CSP requirements.

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