Set for launch in early 2017, the Global Payments Innovation Experience will enable banks to offer same day use of funds, fee transparency and end-to-end tracking.
Wim Raymaekers, Global Head of Banking Market at SWIFT and project lead for the initiative, said: “It is great to see so many banks from all corners of the globe participating in SWIFT’s global payments innovation initiative.
“For the first time, banks will be able to give their customers precise information about their payments in real-time, including confirmation of credit to beneficiary’s account.
“We welcome additional banks to join this open initiative.”
Wim claimed that members accounted for 75% of all cross-border payments sent through SWIFT.
Participants in the scheme include Alfa-Bank, US Bank and Banco de Brasil.
Over 40 banks attended a series of workshops held earlier this year to help further develop SWIFT’s vision for correspondent banking.
Christian Sarafidis, Chief Marketing Officer at SWIFT, added: “SWIFT’s global payment innovation initiative is a real game-changer.
“The large number of banks, the new payments tracker, a pilot showing results, and a roadmap to deliver even more value – this initiative is the ‘new standard’ for any bank with cross-border payments.”
Belgium-based SWIFT connects more than 11,000 banking, securities and corporate organisations in over 200 countries and territories.
Leave a comment