26 September 2017
visit www.avoka.com

Swift signs 73 banks to global payments initiative

28 June 2016  |  13004 views  |  0 Swift HQ

Interbank messaging network Swift has signed 73 banks to its global payments initiative, a range of service level agreements intended to improve the customer experience in correspondent banking by increasing the speed, transparency and predictability of cross-border payments.

The first phase of the initiative is well underway with a pilot focused on business-to-business payments. In addition, over 40 banks have already participated in a series of workshops held in Frankfurt, Singapore, London and New York in April and May, to help sketch out a new vision for correspondent banking dubbed "the digital transformation of cross-border payments".

With the new banks onboard, Swift says the initiative now covers 75% of all cross-border payments crossing the network.

Under the programme, corporate users will be exposed to same day use of funds, transparency and predictability of fees, end-to-end payments tracking and richer payments information.

On the technology side, Swift has committed to develop a 'database in the cloud', to report on the status of a payment transaction, from the moment it is sent until it is confirmed - similar to tracking services provided by international shipping companies.

Wim Raymaekers, head of banking markets, Swift, says: "This new payments tracker is a great example of collaborative innovation. For the first time, banks will be able to give their customers precise information about their payments, in real-time, including confirmation of credit to beneficiary's account."

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

Swift to review strategy in wake of cyber attacks

Swift to review strategy in wake of cyber attacks

03 June 2016  |  12567 views  |  4 comments | 19 tweets | 24 linkedin
Swift sets out distributed ledger position

Swift sets out distributed ledger position

20 April 2016  |  11648 views  |  0 comments | 19 tweets | 18 linkedin
Swift bids to save correspondent banks from extinction

Swift bids to save correspondent banks from extinction

10 December 2015  |  11656 views  |  5 comments | 21 tweets | 50 linkedin
Innotribe pivots to explore internal opportunities for innovation at Swift

Innotribe pivots to explore internal opportunities for innovation at Swift

07 December 2015  |  5122 views  |  0 comments | 9 tweets | 11 linkedin
Swift drives Charter for ISO20022 harmonisation

Swift drives Charter for ISO20022 harmonisation

12 October 2015  |  7361 views  |  0 comments | 11 tweets | 10 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.temenos.comdownload the paper nowvisit www.sibos.com

Top topics

Most viewed Most shared
AXA launches blockchain to cover late flight compensationAXA launches blockchain to cover late flig...
12044 views comments | 16 tweets | 30 linkedin
European Commission makes fintech a priority in supervisory shakeupEuropean Commission makes fintech a priori...
8785 views comments | 34 tweets | 46 linkedin
hands typing furiouslyBlockchain is a new way of thinking?
7493 views 2 | 10 tweets | 1 linkedin
German central bank flags DLT weaknessesGerman central bank flags DLT weaknesses
7212 views comments | 17 tweets | 18 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job