Swift new strategy will enable seamless transactions from one account to another anywhere in the world with end-to-end transparency and predictability.
The company said that over the next two years and beyond, it will fundamentally transform payments and securities processing, retooling cross-border infrastructure as part of a new strategy approved by the Board. This strategy will enable the world’s financial institutions to deliver instant and frictionless end-to-end transactions.
Harnessing the power of transaction management
Swift said it will expand beyond financial messaging to provide comprehensive transaction management services. „This new approach will support and accelerate innovation, paving the way for financial institutions — independently, or in collaboration with fintechs — to create new value-added services to support their business growth”, according to the company.
In payments, financial institutions will be able to expand offerings to businesses and consumers and enhance the end-customer experience.
Account-to-account transactions anywhere in the world
Swift platform will orchestrate interactions between financial institutions and other participants to minimise friction, optimise speed and provide end-to-end transparency and predictability from one account to another anywhere in the world. „This move has the potential to power instant and frictionless transactions between at least 4 billion accounts serviced by financial institutions across the SWIFT network.”
The next-generation digital platform will use APIs and cloud technology to provide a set of common processing services that banks have historically invested in individually, saving the industry time and money. New and extensive data capabilities will enable the pre-validation of essential data, fraud detection, data analytics, transaction tracking and exception case management.
Building on decades of innovation
“We are innovating the underlying infrastructure that financial institutions use to make transactions run even faster end-to-end, and at the same time further reducing costs for the community through industry-shared services in the areas of cyber, fraud and compliance,” said Javier Pérez-Tasso, CEO of SWIFT.
“We will introduce data innovation that embeds risk and control elements expected from SWIFT, creating peace of mind for business-critical operations. Combining these elements, we are creating a broad platform with faster technology and smarter and better services that the industry can trust as a foundation for innovation towards their own end-clients.”
The planned platform capabilities build on SWIFT’s recent successful transformation initiatives, including SWIFT gpi, the benchmark in cross-border payments messaging, and leverage the cooperative’s unrivalled reach across more than 11,000 institutions in 200 countries and territories. They will be underpinned by SWIFT’s continued investment in cyber security and risk management to ensure resilient and secure transactions. Users will benefit from the capabilities with minimal disruption through backward compatibility.
“Over the next two years, SWIFT will fundamentally transform the way in which payments and securities transactions are processed, eliminating friction and increasing speed, quality and certainty,” said Yawar Shah, Chair of SWIFT.
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:
