Swift is working with 25 leading cash management banks and 20 corporates to develop a white labelled transaction tracking service for ISO 20022 messages across the entire payment chain, according to a press release.
Under the programme, Swift will deliver a bank agnostic solution for payment initiation using the ISO 20022 format as part of a major effort to iron out inconsistencies in the use of the messaging standard.
The standardisation of payment tracking data will enable financial institutions to each offer the same experience across their corporate customer base, regardless of their own geographical reach or local investment. Currently, where multi-banked corporates receive tracking information, it comes through different channels and in different formats.
McKinsey estimates that the low-value international payments market alone – defined as transactions worth $100,000 or less – is worth around $12 trillion.
According to a Swift research, which polled over 4,200 consumers and 2,700 SMEs, hidden fees, unclear exchange rates and failure to deliver a payment are the top three reasons for customers to take their business elsewhere. As this shows, transparency is key to meeting customer expectations, and payment providers must prioritise it to succeed.
Thierry Chilosi – chief strategy officer at Swift, says: “Adoption of ISO 20022 provides a unique opportunity to improve cross-border payments. Capturing rich data at source will enhance the entire ecosystem, driving us closer to our goals of instant and frictionless transactions.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
