Membership formalises SWIFT's interaction with the Payments Council, the organisation that sets the strategy for payments in the UK. Through its membership, SWIFT will work with the Payments Council to help ensure that the UK's payment systems and services meet the needs of service providers, users and the wider economy.

"As a co-operative dedicated to serving our members, it is essential that SWIFT plays an active role in key industry bodies engaged in the topics and issues that affect us and our users," said Arun Aggarwal, Managing Director UK, Ireland and Nordics, at SWIFT. "International payment systems are in SWIFT's DNA, and through joining the UK's Payments Council we can help shape the future of a vital component of the global and domestic payment communities."

"Gary Hocking, Acting Chief Executive at the Payments Council, said: "The Payments Council is delighted to welcome SWIFT as an Associate Member, and we look forward to exploring opportunities for our organisations to work together. Membership gives SWIFT access to the biggest operators in the UK payments industry, as well as a wealth of industry knowledge, know-how and research."

SWIFT will be invited to take part in the Payments Council's Vendor Forum, as well as participate in groups addressing topics such as account transfers and digital signatures, and to provide specialists to contribute to the evolution of new industry solutions.