SWIFT, a provider of secure financial messaging services, announced today that it has signed up 73 banks to its global payments innovation initiative, with the aim of improving the cross-border payments experience.
Last month, the company rolled out a customer security program designed to help reinforce and foster secure and transparent measures across its international network.
As a part of its new initiative, banks will enhance their approach to cross border payments and follow a set of strict business rules designed by SWIFT in collaboration with participating banks.
Banks in the initiative will be able to give their corporate clients a dramatically improved payment experience, with same day use of funds, transparency of fees, end-to-end tracking, and transfer of rich payment information.
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Banks in the initiative will be able to give their corporate clients a dramatically improved payment experience.
Wim Raymaekers, Global Head of Banking Market and project lead for this initiative at SWIFT, commented: “It’s great to see so many banks from all corners of the globe participating in SWIFT’s global payments innovation initiative. Together, they do nearly 75% of all cross-border payments on the SWIFT network.”
To enable the end-to-end tracking, SWIFT is developing a database ‘in the cloud’ hosted at SWIFT, to give end-to-end visibility 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.
The first phase of the initiative is underway with a pilot focused on business-to-business payments and the go-live planned for early 2017.