Six major global banks have committed to preparations for and testing of Swift’s new transaction management platform, a process designed to enable new services, improve efficiency and reduce costs for international payments.
Bank of China, Bank of New York Mellon, BNP Paribas, Citigroup, Deutsche Bank and Standard Chartered confirmed their participation in a cooperatve that will prepare the technology for a November 2022 launch.
“Swift’s platform strategy helps provide the industry with a clear path towards a ubiquitous instant and frictionless cross-border payments experience, which, coupled with Swift’s established global reach and scale, represents a credible path to success,” Manish Kohli, head of payments and receivables, treasury and trade solutions at Citi, said in Thursday press release.
The platform evolution builds on extensive work by the SWIFT community in the past five years to transform cross-border payments. Through gpi, most cross-border payments today reach end beneficiaries within minutes with full transparency and confirmation when the payment reaches its final destination. This happens across SWIFT’s network connecting more than 11,000 institutions, and 4 billion accounts across 200 countries worldwide.
Fan Yaosheng, General Manager of Clearing Department, Bank of China said: “SWIFT is already making substantial progress on the new strategy outlined last year and the new features outlined in the roadmap today demonstrate that SWIFT is listening closely to the needs of the industry.”
Paul Camp, CEO of Treasury Services, Bank of New York Mellon said: “We are very excited by the opportunities SWIFT’s transaction management platform will offer. SWIFT has unique assets including both global and domestic reach via connectivity to financial institutions around the world, expansive data and unparalleled resiliency. Unlocking the value of these assets will bring significant value to our global clients, and we are fully committed to working with SWIFT and the wider industry to drive this transformation forward and help revolutionize the way value moves around the world.”
SWIFT is a global member owned cooperative and the world’s leading provider of secure financial messaging services. There messaging platform, products and services connect more than 11,000 banking and securities organizations, market infrastructures and corporate customers in more than 200 countries and territories.
