Swift calls on banking industry to build new mobile payment rails

Swift calls on banking industry to build new mobile payment rails

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)

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