Bank of China, BNY Mellon, BNP Paribas, Citi, Deutsche Bank and Standard Chartered have confirmed their preparations for the enhanced platform ahead of the November 2022 go-live.
Six leading global banks have endorsed SWIFT’s new transaction management platform and said they are preparing to use its expanded capabilities to enable new services, improve efficiency and reduce costs when the platform goes live in November 2022.
In March, SWIFT said the first release of the enhanced platform would provide a set of common transaction processing services, including data pre-validation, sanctions screening, fraud detection, data analytics, transaction tracking and exception case management.
“By bringing together data and common services, we aim to significantly improve end-to-end efficiency and reduce total costs, while bringing new business value to end customers,” it said at the time.
In a new statement, SWIFT said the six banks that have endorsed the enhanced platform are Bank of China, BNY Mellon, BNP Paribas, Citi, Deutsche Bank, and Standard Chartered. All six have confirmed their preparations for the new platform.
Over the next 18 months, SWIFT will introduce the following new features, which will serve as the building blocks of the enhanced platform:
- upfront validation of beneficiary details
- central management of exceptions
- extension of SWIFT’s high-speed gpi rails to lower-value payments
- new rich data services based on the ISO 20022 standard
“These are integral components of SWIFT’s strategy to facilitate instant and frictionless end-to-end transactions anywhere in the world,” the co-operative said, adding that the platform evolution builds on work by the SWIFT community in the past five years to transform cross-border payments.
This includes gpi, an initiative first piloted in 2018 that leverages SWIFT’s network of more than 11,000 institutions to cut down the time for cross-border payments to reach end beneficiaries to just minutes, with full transparency and confirmation when the payment reaches its final destination.
“The new capabilities and enhanced platform SWIFT is building will take these advancements to the next level while ensuring interoperability with new payment types, technologies and services,” SWIFT said. “It will facilitate further innovation and enable exciting new solutions to end customers along with an improved cross-border experience.”
SWIFT says preparations for the new services are already underway, paving the way for significant new capabilities across payments and securities processing.
“A transformation is underway in the world of payments and securities processing,” said Pierre Fersztand at BNP Paribas. “SWIFT’s new platform equips the industry with the tools to innovate and meet the demands of the modern era, allowing institutions to leverage enhanced features and more robust data and analytics to accelerate their own digital transformation and deliver a seamless customer experience.”
Citi’s Manish Kohli said SWIFT’s platform strategy helps provide the industry with a “clear path towards a ubiquitous instant and frictionless cross-border payments experience”.
Deutsche Bank’s Ole Matthiessen said the platform will be a “powerful catalyst for innovation” for the financial services industry, allowing for seamless integration of the new features to reduce costs and provide for faster, frictionless payments.