Macug Agreement

Corporate customers and LBBW can communicate via one of these services via SWIFT for businesses. To do this, it is necessary to sign a MACUG or SCORE master contract between the corporate clients and LBBW. Riyad Bank`s existing e-banking features will be expanded with the development of SWIFTNet, a secure ip messaging platform. This facilitates connectivity and increases online processing (SB) between your ERP and the banking system and provides business customers with safer, more cost-effective and standardized messaging services. As it is different from SCORE: Participating corporate customers can only exchange SWIFT messages with banks after they register with the banks` MACUG. Standard business environmentThe SCORE communication system is in principle available to all companies. To apply, please email our sales team at the tss-cmsales@riyadbank.com or call us: . Please complete the form below and we call you as soon as possible: Riyad Bank`s MA-CUG e-Payment Solution can be integrated into your Enterprise Resource Planning System (ERP) to allow for quick and continuous payment settlement and access to bank account information. The multi-layered security architecture, with firewalls, filter cogs, encryption and digital certification, ensures that account information and payment instructions are protected from unauthorized access. Member Administered Closed User GroupMACUG is available to all businesses and is a closed user group managed by the bank, in this case LBBW. MACUG offers the same services and types of messages as score.

Time is money. In the case of actual business payment transactions, this means above all one thing: minimizing the requirements for time and organization. SWIFT`s international telecommunications network has been contributing to this for many years. It allows companies to consolidate their networks with multinational banks and use standardized and proven formats for messaging. LBBW uses SWIFT`s secure and reliable network to send and receive payment messages to its customers and other banks. SWIFT allows businesses and banks to exchange transaction messages in seconds. Here`s an example of how it works: one bank informs another that there is an unpaid transfer order for one of its customers and that the counter-value must be debited on a given date of the settlement account indicated and transferred to the recipient. Other statements contain information on bank statements, documentary transactions or securities and foreign currency transactions. There`s a transaction fee.

In addition, a one-time installation fee and monthly maintenance fee are charged The SWIFT network optimizes communication channels for payment transactions.