• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to secondary sidebar
  • Skip to footer

Digital Market

seeing people behind the digits

  • About
  • Blockchain and Fintech Events
  • Domain Names
  • Reports
    • Technology
    • Venture Capital
  • Featured Listing
    • Make a Contribution
    • Submit a Sponsored Post
  • Contact

Global Banks Preparing to Leverage SWIFT’s New Platform for International Payments Flows

June 24, 2021 By admin

Banks endorse new SWIFT platform set for launch in November 2022

New platform capabilities are part of SWIFT strategy to enable instant and frictionless end-to-end transaction management globally

BRUSSELS – Six leading global banks today announced their endorsement for SWIFT’s new transaction management platform and are preparing to use its expanded capabilities to enable new services, improve efficiency and reduce costs when the platform goes live in November 2022.

Bank of China, Bank of New York Mellon, BNP Paribas, Citi, Deutsche Bank, and Standard Chartered confirmed their preparations for the platform as the co-operative detailed an ambitious roadmap it will roll out over the next 18 months. 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.

The new capabilities and enhanced platform 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.

Fan Yaosheng, General Manager of Clearing Department, Bank of China said: “SWIFT is already making substantial progress on the new strategy outlined last year and the new features outlined in the roadmap today demonstrate that SWIFT is listening closely to the needs of the industry.”

Paul Camp, CEO of Treasury Services, Bank of New York Mellon said: “We are very excited by the opportunities SWIFT’s transaction management platform will offer. SWIFT has unique assets including both global and domestic reach via connectivity to financial institutions around the world, expansive data and unparalleled resiliency. Unlocking the value of these assets will bring significant value to our global clients, and we are fully committed to working with SWIFT and the wider industry to drive this transformation forward and help revolutionize the way value moves around the world.”

Pierre Fersztand, Global Head of Cash Management, Trade and Payments, BNP Paribas said: “A transformation is underway in the world of payments and securities processing. Our customers require transactions that are fast, secure and cost-effective. SWIFT’s new platform equips the industry with the tools to innovate and meet the demands of the modern era, allowing institutions to leverage enhanced features and more robust data and analytics to accelerate their own digital transformation and deliver a seamless customer experience.”

Manish Kohli, Global Head of Payments and Receivables, Treasury and Trade Solutions, Citi said: “SWIFT’s platform strategy helps provide the industry with a clear path towards a ubiquitous instant and frictionless cross-border payments experience, which, coupled with SWIFT’s established global reach and scale, represents a credible path to success. We look forward to working with the wider SWIFT community to drive transformational change and to deliver this substantially improved payments experience directly to our clients.”

Ole Matthiessen, Managing Director, Global Head of Cash Management, Deutsche Bank said: “SWIFT’s platform will be a powerful catalyst for innovation for the financial services industry. We can already see how the platform will allow our industry to seamlessly integrate new features that will reduce costs and provide for faster, frictionless payments. It perfectly complements and integrates with Deutsche Bank’s own planned products and services to support future industry demand.”

Philip Panaino, Global Head, Cash Management, Standard Chartered said: “SWIFT has always been a valued partner in helping our customers fulfill their business objectives, and the enhanced platform launched as part of the new strategy ensures we can continue to adapt to their needs. SWIFT has an established track record in bringing innovative new solutions to market such as gpi, and we are confident the new platform will be even more transformative for the industry.”

About SWIFT
SWIFT is a global member owned cooperative and the world’s leading provider of secure financial messaging services. We provide our community with a platform for messaging and standards for communicating, and we offer products and services to facilitate access and integration, identification, analysis and regulatory compliance.

Our messaging platform, products and services connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories. While SWIFT does not hold funds or manage accounts on behalf of customers, we enable our global community of users to communicate securely, exchanging standardised financial messages in a reliable way, thereby supporting global and local financial flows, as well as trade and commerce all around the world.

As their trusted provider, we relentlessly pursue operational excellence; we support our community in addressing cyber threats; and we continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies. Our products and services support our community’s access and integration, business intelligence, reference data and financial crime compliance needs. SWIFT also brings the financial community together – at global, regional and local levels – to shape market practice, define standards and debate issues of mutual interest or concern.

Headquartered in Belgium, SWIFT’s international governance and oversight reinforces the neutral, global character of its cooperative structure. SWIFT’s global office network ensures an active presence in all the major financial centres.

Filed Under: News Tagged With: swift

Primary Sidebar

App Coding

Configit Introduces Breakthrough System-Level Configuration Solution
NLP techniques are bridging the gap between text documents
Coder Announces First Multi-Cloud, Multi-Compute Integrated Development Environment Platform
Scrub your code in real-time
Dynamic forms for your React app
Zype Releases New Feature-Rich Apps Creator for OTT
Amazon MWS Integration from Celigo Now Available on SAP® Store

API Coding

How to teach yourself API coding
Creating an API that generates a description of an image using ChatGPT
The API Security Imperative
API Security Guide
Apple Provides Developers with Even More Powerful Technologies to Push the App Experience Forward
RapidAPI opens European headquarters at the new location in Berlin
Cybertech 2023 in Tel Aviv: Securing the Future with API Security

Secondary Sidebar

Blockchaining

Blockchain technology and carbon credits
Asia’s Premier Web3 Conference TOKEN2049 Returns to Singapore in September 2023
What are Non-Fungible Tokens (NFTs)?
What are DLT ledgers?
Blockchain for Energy Launches Decentralized Platform for Building and Accessing Smart Contract Solutions

Marketing Development

How to keep finding new ways for your business to grow
Event Marketing
Real disruption takes time
Market Yourself: How to write a resume
What are the latest trends in marketing technology?

Footer

Recent Posts

  • What are cultural aspects of digital transformation
  • What it takes to make a digital town square
  • Idexo Releases New NFTMe Mobile App That Makes It Easy For Anyone to Turn Selfies Into NFTs and List Them for Sale with a Few Clicks
  • Evmos Closes $27M Token Sale to Accelerate Development of the Cross-Ecosystem dApp Platform
  • Countries with better FinTech development saw greater GDP resilience, employment during Covid-19: report
  • Moonshot Commons Raised Seed Round from HashKey Capital to “break geo-barriers” for the next Gen-Z founders in Web3
  • Umbro Enters Web3 With “The Nations’ Collection by Umbro”
  • GlobalConnect successfully raised EUR 1 billion in new ESG linked financing, enabling sustainable growth
  • Denmark has the best digital quality of life in the world
  • A license for a Bloomberg Terminal costs $24,000 per year, OpenBB is free

Media Instances

Mango and Melons
Climate activists targeting Edvard Munchs iconic The Scream at the National Museum in Oslo
The Iranian city of Tabriz, as depicted by the 16th-century Ottoman polymath Matrakçı Nasuh
Many deskless workers aren’t satisfied with their jobs
How to utilize old wind turbine blades

S3H

Unlocking Growth: The Power of Product-Led Strategy
How is the economic downturn hurting the creator economy?
Why performance review process is never perfect
The future of IoT and its impact on our lives and our world
War and extreme weather events can both contribute to food insecurity

VPNW

How to organize a corporate holiday party?
Watching the sea can be an incredibly relaxing and therapeutic activity
U.S. and Canadian Workers Report Highest Engagement Levels and Best Job Climate in the World, Despite Higher Stress Levels for Women
How to resolve conflicts with a boss
People often make life and career decisions influenced by…

Pixel Effects

Freight Forwarder HBI Selects Vector.ai to Streamline Operations in the “Age of Disruption” for Ocean Shipping
In Memory of Mishmish
International Art Fair Munich 2021, October 13 – 31, 2021, Munich Residenz
They never forgot the magic of Christmas
Lost in Venice

Copyright © 2022 DigitalMarket.org

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT