OnDemand Video Module

Introduction

SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a global, member-owned financial infrastructure provider. It spans every continent including 200+ countries and territories, and services more than 11,000 institutions worldwide. Since its inception in the 1970s, it has continued to facilitate billions of financial messages annually, enabling banks and corporates to safely and securely communicate and to move money across borders.

However, SWIFT has faced increasing competition from disruptors who have identified ways to reduce friction in cross-border payments. This session is designed to provide an overview of the modernization progress being made by SWIFT and how SWIFT is beginning to serve as a key linkage between payments infrastructure in different countries.

Topics Covered

Topics covered include the latest advancements in the SWIFT network and identify how they seek to enhance cross-border payment processing. We will look at specific developments including Gpi’s remarkable traction (Global Payments Innovation) and how it grew to become a success; SWIFT GO for SMB low-value payments; pre-validation service to verify beneficiary account details; and message translation services to facilitate the migration from the proprietary MT message spec to the global ISO20022 standard. 

Learning Objectives

This session is designed to provide an overview of the progress being made by SWIFT and how SWIFT is beginning to serve as a key linkage between payments infrastructure in different countries.