SWIFT Announces Enhancements in Payments, Securities Processing

The enhancements will be made available through a next-generation digital platform that will “fundamentally transform” payments and securities processing, SWIFT says.

SWIFT has announced planned enhancements to its platform that it says will “fundamentally transform payments and securities processing” over the next two years and beyond.

The planned enhancements are part of a new strategy to enable financial institutions to deliver instant and frictionless end-to-end transactions, SWIFT said. The move will take the cooperative beyond financial messaging to provide comprehensive transaction management services, a new approach that it says will support and accelerate innovation.

The enhancements will pave the way for financial institutions — independently or in collaboration with fintechs — to create new value-added services to support their business growth, SWIFT says.

In payments, financial institutions will be able to expand offerings to businesses and consumers and enhance the end-customer experience, while in securities, they will benefit from improved reconciliation, reporting and asset servicing processes as well as end-to-end visibility of transactions to reduce settlement fails and fines.

“SWIFT’s enhanced platform will orchestrate interactions between financial institutions and other participants to minimise friction, optimise speed and provide end-to-end transparency and predictability from one account to another anywhere in the world,” the cooperative said.

The next-generation digital platform will use APIs and cloud technology to provide a set of common processing services that banks have historically invested in individually, saving the industry time and money.

New data capabilities will enable the pre-validation of essential data, fraud detection, data analytics, transaction tracking and exception case management.

“We are innovating the underlying infrastructure that financial institutions use to make transactions run even faster end-to-end, and at the same time further reducing costs for the community through industry-shared services in the areas of cyber, fraud and compliance,” said SWIFT CEO Javier Pérez-Tasso.

“We will introduce data innovation that embeds risk and control elements expected from SWIFT, creating peace of mind for business-critical operations.”

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