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 a press release Thursday.
The network's new features include upfront validation of beneficiary details, central management of exceptions, extension of
“Swift’s platform will be a powerful catalyst for innovation for the financial services industry," Ole Matthiessen, managing director, global head of cash management at Deutsche Bank, said in the release. "We can already see how the platform will allow our industry to seamlessly integrate new features that will reduce costs and provide for faster, frictionless payments."
Swift says the platform evolution is a continuation of the work it has done over the past five years to transform cross-border payments. Through GPI, most cross-border payments today reach their destinations within minutes, with full transparency and confirmation.
The new platform ensures interoperability with new payment types, technologies and services, while setting up banks to accept future innovations in payments and securities processing.
The Swift network connects more than 11,000 institutions and 4 billion accounts across 200 countries worldwide.
