Sibos

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Circle lines up banking partners for stablecoin-based Swift competitor

/payments

Circle lines up banking partners for stablecoin-based Swift competitor

Stablecoin platform Circle is working with Standard Chartered, Deutsche Bank, Société Générale and Santander to build a cross-border payment network to rival Swift.

Swift rolls out investigation tool to track late payments

/payments

Swift rolls out investigation tool to track late payments

Swift has launched a case management service for investigating payment defaults that it claims could save its member banks millions of dollars in operational costs and significantly reduce the time it takes to identify and resolve issues when international payments are delayed.

Google Cloud joins with Swift in fight against fraud

/security

Google Cloud joins with Swift in fight against fraud

Bank-to-bank Payment network Swift is working with Google Cloud to develop multi-jurisdictional anti-fraud technologies that use advanced AI and federated learning

Sibos: Financial institutions are “nowhere near” 2027 G20 targets

/Sibos

Sibos: Financial institutions are “nowhere near” 2027 G20 targets

Alan Marquard, executive vice president, applications at Mastercard commented on their current progress towards 2027 goals as reported by FSB in their second annual assessment in a session on G20 targets at Sibos in Beijing: “we're four years in the journey to 2027, and we're nowhere near there. I find that completely unsurprising. The metrics were set up as quantitative metrics, but set at a global level without clarity on who was responsible for achieving them.”

Sibos: Interpol’s I-GRIP tool requested by increasing number of countries

/crime

Sibos: Interpol’s I-GRIP tool requested by increasing number of countries

Australia, Canada, Japan, Korea and Spain were among those mentioned as requesting to use Interpol’s Global Rapid Intervention of Payments (I-GRIP) system by Sungyong Kang, criminal intelligence officer, Interpol, during a panel at Sibos.

Sibos: GenAI will be more impactful than ecommerce and the internet, says panel

/ai

Sibos: GenAI will be more impactful than ecommerce and the internet, says panel

“There have been many fundamental shifts in the IT space, such as the internet and the ecommerce revolution. This is the biggest one,” warned Dorian Selz, CEO and co-founder of Squirro, at Sibos today. “Leadership in companies needs to be on top of this revolution.”

Sibos: CBDC case studies in China, Kazakhstan, the Bahamas, and Europe

/Sibos

Sibos: CBDC case studies in China, Kazakhstan, the Bahamas, and Europe

On the second day of Sibos, Benedicte Nolens, centre head of the BIS Innovation Hub moderated the session ‘Reality check: How far have CBDCs come?’, and the speakers outlined how central bank digital currencies (CBDCs) are in various processes of development in their countries.

Sibos: Panel calls on regulators to define minimum level of fraud data sharing

/regulation

Sibos: Panel calls on regulators to define minimum level of fraud data sharing

Regulators must define a “minimum set of data” to be shared between banks that would still “serve the purpose” of fraud detection and prevention, said Michele Gentile, head of group correspondent banking, APAC, UniCredit, at Sibos today.

Sibos: PBoC to promote the ‘healthy development of cross-border payments’

/Sibos

Sibos: PBoC to promote the ‘healthy development of cross-border payments’

“The People’s Bank of China (PBoC) will continue to promote healthy development of cross border payment in the principles of openness, cooperation and mutual benefit,” said Lu Lei, deputy governor, The People's Bank of China, during the Sibos’s opening plenary.

Sibos: The future of ‘evenly distributed’ tokenisation

/crypto

Sibos: The future of ‘evenly distributed’ tokenisation

The National Bank of Kazakhstan will provide clients the “ability to spend crypto tokens” by the end of this year, announced Assel Marchenko, CTO and deputy of CEO, National Bank of Kazakhstan, at Sibos today.

Sibos: APAC supplies nearly 25% of global sustainable bonds

/sustainable

Sibos: APAC supplies nearly 25% of global sustainable bonds

“Investors are chasing sustainable bonds to buy, and we think that over $800 billion worth of supply globally, around 20-25% of that global share comes from APAC, namely Asia in particular,” said Chuaoni Huang of BNP Paribas during a sustainable focused panel session at Sibos 2024.

Real-time payments are raising GDP and driving financial inclusion

/payments

Real-time payments are raising GDP and driving financial inclusion

Real-time payments are forecast to generate $285.8 billion of additional global GDP growth and create more than 167 million new bank account holders by 2028, according to a new report published by ACI Worldwide.

Swift unveils AI-powered real-time fraud barrier

/security

Swift unveils AI-powered real-time fraud barrier

Banking co-operative Swift is rolling out an AI-powered anomaly detection service to help banks proactively detect and defend against potential financial crime.

Swift preps live digital asset trials

/crypto

Swift preps live digital asset trials

Banks around the world will next year start live trials of digital asset and currency transactions over the Swift network.

Swift to develop concrete plans for CBDC and tokenised asset exchange

/payments

Swift to develop concrete plans for CBDC and tokenised asset exchange

Global banking co-operative Swift is moving forward with plans to offer member banks access to emerging digital asset classes and currencies over its network, covering a range of use cases in payments, securities, FX, trade and beyond

Japanese banks pilot stablecoin-based cross-border payments

/payments

Japanese banks pilot stablecoin-based cross-border payments

Japanese banks MUFG, SMBC and Mizuho are participating in a pilot using stablecoins and the Swift network for cross-border payments.

Swift bids to connects VoP schemes across Europe

/payments

Swift bids to connects VoP schemes across Europe

Bank-to-bank payment messaging network Swift is working to facilitate interoperability of Verifcation of Payee schemes across Europe as new research shows that 83% of SMEs across France, Germany, Italy and Spain rank upfront beneficiary checks as important to them in trading across borders.

Swift to pilot AI in fight against fraud

/ai

Swift to pilot AI in fight against fraud

Banking co-operative Swift is working with global banks on AI pilots to tackle cross-border payments fraud.

Swift opens API channel for ISO 20022 corporate payment tracking

/payments

Swift opens API channel for ISO 20022 corporate payment tracking

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.

Sibos head Jaime Lee confirms 2024 Beijing event will go full steam ahead

/Sibos

Sibos head Jaime Lee confirms 2024 Beijing event will go full steam ahead

Jaime Lee took to the stage at Sibos 2023 in Toronto, Canada for a private session with exhibitors to explore the potential for a successful event in Beijing, China next year.

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