SWIFT’s new strategy for instant, frictionless payments and securities processing has received the endorsement of Six leading global banks.
Bank of China, Bank of New York Mellon, BNP Paribas, Citi, Deutsche Bank, and Standard Chartered have confirmed their preparations for SWIFT’s new transaction management platform.
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The banks say they are preparing to use its expanded capabilities to enable new services, improve efficiency and reduce costs when the platform goes live in November 2022.
SWIFT is a messaging network that financial institutions use to securely transmit information and instructions through a standardized system of codes.
Over the next 18 months and beyond, the financial cooperative aims to fundamentally transform payments and securities processing, retooling cross-border infrastructure as part of its new strategy.
The goal is to enable the world’s financial institutions to deliver instant and frictionless end-to-end transactions.
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By GlobalDataSWIFT’s new approach focuses on innovation to deliver new services
New features – including upfront validation of beneficiary details, central management of exceptions, extension of SWIFT’s high-speed gpi rails to lower-value payments, and new rich data services based on the ISO 20022 standard – will serve as the building blocks of the enhanced platform.
These are integral components of SWIFT’s strategy to facilitate instant and frictionless end-to-end transactions anywhere in the world.
The platform evolution builds on extensive work by the SWIFT community in the past five years to transform cross-border payments.
Through gpi, most cross-border payments today reach end beneficiaries within minutes with full transparency and confirmation when the payment reaches its final destination.
This happens across SWIFT’s network connecting more than 11,000 institutions, and 4 billion accounts across 200 countries worldwide.
Opening new horizons to what’s possible in the financial markets
The new capabilities and enhanced platform that SWIFT is building will take these advancements to the next level while ensuring interoperability with new payment types, technologies and services.
It will facilitate further innovation and enable exciting new solutions to end customers along with an improved cross-border experience.
Preparations for new services are already underway, and international banks see significant potential in the platform capabilities across both payments and securities processing.
