Six global banks endorse Swift’s new platform for international payments flows
Six global banking giants have announced their endorsement for Swift’s upcoming transaction management platform set to launch in November 2022.
Swift is aiming to launch the platform in November 2022
Bank of China, BNY Mellon, BNP Paribas, Citi, Deutsche Bank and Standard Chartered have all confirmed they’re making preparations to adopt the platform.
Swift has recently rolled out a new roadmap for the platform, claiming it will allow banks “to enable new services, improve efficiency and reduce costs”.
It will look to enhance Swift’s current cross-border payments flows with new features including upfront validation of beneficiary details, central management of exceptions, an extension of SWIFT’s high-speed GPI rails to lower-value payments and new rich data services based on the ISO 20022 standard.
Fan Yaosheng, general manager of clearing department at Bank of China, says: “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.”
Swift’s network currently connects more than 11,000 institutions and 4 billion accounts across 200 countries worldwide.
Ole Matthiessen, managing director, global head of cash management at Deutsche Bank, adds: “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.”
