23 February 2017
Visit dh.com

Swift calls on banking industry to build new mobile payment rails

15 May 2012  |  10010 views  |  0 Wells Fargo M-banking

Interbank messaging network Swift says banks should collaborate to build a global service for international mobile P2P money transfers.

In a new white paper, the international banking co-operative recommends that banks work together to deploy a global mobile payments service for international money transfers and remittances. Such a system would work off an open API, with cash transferred to user mobile phone numbers from existing bank accounts and replenished via ACH or direct debit.

The paper argues that mobile payments must be a top investment priority for banks worldwide and outlines three areas of strategic opportunity for banks:
• Actively invest and expand mobile banking, in particular for corporates;
• Partner with e-commerce companies to gain experience in mobile commerce;
• Develop a global service for mobile money transfers.

Wim Raymaekers, head of banking market at Sswift, comments: "Banks have the power to shape the future of mobile payments. Collaboration with room for differentiation is key. All it takes is for a few leading banks to take the initiative."

In particular with regard to international money transfers, a bolder, more collaborative approach from the banking industry would help to increase market share and address competition from non-banks, he says.

Read the full paper:» Download the document now 948.4 kb (PDF File)

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Amex adds cards to Isis mobile wallet

Amex adds cards to Isis mobile wallet

10 May 2012  |  12386 views  |  0 comments
HSBC launches Indian m-payments service for corporates

HSBC launches Indian m-payments service for corporates

09 May 2012  |  9253 views  |  0 comments
MasterCard unveils digital wallet and open API

MasterCard unveils digital wallet and open API

08 May 2012  |  13570 views  |  0 comments
China m-payments market set to be largest in world by 2015

China m-payments market set to be largest in world by 2015

25 April 2012  |  8226 views  |  0 comments
75% of world's poor unbanked but mobile phones revolutionising access

75% of world's poor unbanked but mobile phones revolutionising access

20 April 2012  |  10196 views  |  1 comments
EC opens 'in-depth investigation' into UK telcos' mobile wallet plans

EC opens 'in-depth investigation' into UK telcos' mobile wallet plans

13 April 2012  |  8827 views  |  0 comments
Mobile-based remittance start-up Beamit raises $2.4m

Mobile-based remittance start-up Beamit raises $2.4m

13 April 2012  |  5984 views  |  0 comments
Mobile payments set to reach £591 billion by 2015 - KPMG

Mobile payments set to reach £591 billion by 2015 - KPMG

05 April 2012  |  14543 views  |  1 comments
Visa Europe takes stake in Mobile Money Network

Visa Europe takes stake in Mobile Money Network

07 March 2012  |  8792 views  |  0 comments
US retailers developing own m-payments system - WSJ

US retailers developing own m-payments system - WSJ

02 March 2012  |  9853 views  |  0 comments
Swift introduces cloud-based connectivity

Swift introduces cloud-based connectivity

01 March 2012  |  13079 views  |  1 comments
Belgian m-payments project killed off

Belgian m-payments project killed off

24 February 2012  |  9002 views  |  0 comments
MasterCard targets underbanked with mobile money partnership programme

MasterCard targets underbanked with mobile money partnership programme

23 February 2012  |  9453 views  |  0 comments
Barclays launches mobile number-based P2P payments service

Barclays launches mobile number-based P2P payments service

16 February 2012  |  17711 views  |  3 comments
Swift to build a better dashboard for correspondents

Swift to build a better dashboard for correspondents

22 September 2011  |  6901 views  |  0 comments
Swift completes eBAM pilot

Swift completes eBAM pilot

20 September 2011  |  7849 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit Yelloco.co.uk

Who is commenting?

Top topics

Most viewed Most shared
hands typing furiouslyBlockchain Technology
13264 views 1 | 13 tweets | 6 linkedin
EBA to relax controversial PSD2 authentication rulesEBA to relax controversial PSD2 authentica...
11389 views comments | 51 tweets | 70 linkedin
RBS to become fintech fund and high street outlet for challenger banks under HMT remedyRBS to become fintech fund and high street...
7993 views comments | 40 tweets | 33 linkedin
Standard Chartered connects corporate customers to WeChatStandard Chartered connects corporate cust...
6251 views comments | 17 tweets | 19 linkedin
High rate of defaults hit P2P lending sectorHigh rate of defaults hit P2P lending sect...
6178 views comments | 17 tweets | 13 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job