Swift
Adopting the new global standard for payments is more important than ever. As the financial industry moves closer to the CBPR+ November 2025 deadline, see what’s new.
Swift
"A new report from Economist Impact, supported by Swift, highlights the growing cost of financial fragmentation on countries, economies, businesses, and people’s lives."
Swift
"The MT/ISO 20022 cross-border co-existence period is coming to an end. Diamond Trust Bank shared how adopting the global ISO 20022 messaging standard can help financial institutions unlock strategic benefits."
"This year, we worked closely with our community to shape the next phase of our strategy, which at its core, aims to ensure we maintain the highest standards for operational excellence and enable financial institutions to provide a best-in-class cross-border transaction service to their customers."
Swift
Swift is supporting the industry-wide digitisation journey with a number of initiatives to enhance API standardisation, scale the use of digital trade documents, and ultimately enable the interoperability of trade transactions globally.
Asset Servicing Times
"Google Cloud and the Society of Worldwide Interbank Financial Telecommunication (Swift) have partnered to build an AI-powered fraud detection capability. The new tool aims to support the financial industry in tackling sophisticated financial crime and help prevent cross-border payments fraud."
Tech Edition
"Ant International has partnered with Swift’s Network Interoperability Reference Implementation program, marking a significant step towards enhancing cross-border treasury management solutions."
Swift
"Early adopters highlight key benefits of richer data as community enters final year of the MT/ISO 20022 cross-border coexistence period for payments instructions."
Swift
"Sibos 2024 saw four days of inspiring talks and expert insights as the global financial community gathered in Beijing to unpack the latest trends shaping our industry. A common theme was 'Connecting the future of finance' – and in an era defined by change, working together to maintain a strong integrated financial ecosystem is more important than ever."
Business Wire
"Swift published new data which reveals continued progress towards meeting the G20’s goal for the speed of cross-border payments, reporting that 90% of cross-border payments made over the Swift network reach the destination bank within an hour."
Swift
"Starting in January 2025, we’ll be rolling out an AI-powered fraud detection capability that aims to help the financial industry tackle increasingly sophisticated forms of financial crime. This enhancement builds on our existing Payment Controls Service (PCS) and follows a successful pilot with financial institutions across Europe, North America, Asia and the Middle East."
The Banker
"Banks across the globe are facing significant challenges in the adoption of Swift’s ISO 20022 standard. The new transaction format requires an overhaul of many major banks’ legacy systems. Swift has given banks the deadline of November 2025 to ensure that all payments messages between banks, both for sending and receiving, are based on ISO 20022."
Swift
"Starting in 2025, global financial institutions will have the ability to use Swift’s global platform to conduct pilot transactions for the settlement of digital assets and currencies. These trials will demonstrate how financial institutions can transact interchangeably across both existing and emerging asset and currency types using their current Swift connection."
SWIFT
"We’re entering a critical phase of the global ISO 20022 adoption. With the end of the MT/ISO 20022 cross-border coexistence period coming in November 2025, Fedwire scheduled to migrate in March 2025, and multiple post-migration milestones on the horizon in 2026, we spoke to Isabelle Bouille from BNY about their journey to ISO 20022 adoption."
Ledger Insights
Japan’s big 3 banks, MUFG, SMBC and Mizuho are involved with with a cross border payment system, Project Pax, that aims to use stablecoins instead of correspondent banks. Swift payment messages will be integrated with the stablecoin system, which is based on Progmat.
Swift
"What impact will the European Commission’s Instant Payment Regulation have on SMEs trading across Europe? To find out, we spoke to over 2,000 across France, Germany, Italy, and Spain. Here’s what they said."
Swift
"With 18 months to go until the end of the coexistence period, the daily average number of CBPR+ messages exchanged now exceeds one million."
Business Wire
"Swift has announced two AI-based experiments in collaboration with its member banks, to explore how the technology could assist in combatting cross-border payments fraud and save the industry billions in fraud-related costs."
Business Wire
"Swift has set out plans to help financial institutions streamline the cross-border payments experience for their corporate customers, by extending ISO 20022 across the entire payment chain and giving banks ready-to-use, white-labelled tracking services that can be activated for customers at the click of a button."
Reuters
"Global bank messaging network SWIFT is planning a new platform in the next one to two years to connect the wave of central bank digital currencies now in development to the existing finance system, it has told Reuters."
Business Wire
"Swift announced the findings of the second phase of industry-wide sandbox testing on its central bank digital currency (CBDC) interlinking solution, with the results showing that its connector can enable financial institutions to carry out a wide range of financial transactions using CBDCs and other forms of digital tokens, easily incorporating them into their business practices."
YouTube
"Hear first-hand from leading experts in financial institutions that have been early adopters of the new standard to learn more about the concrete benefits it’s bringing them and gain actionable insights to help you develop your internal business case."
Fintech Finance
"StoneX has announced that it is one of the first financial organizations to enable Swift’s new leading-edge solution for cross-border payments. Swift recently introduced its Payment Pre-validation service, which allows for the verification of beneficiary account details before initiating international payments."
Swift
"The European Payment Council’s One-Leg-Out Instant Credit Transfer scheme (OCT Inst), which went live this week, enables payments to and from Europe to be processed 24 hours a day, seven days a week."
YouTube
"Swift and Visa have announced a partnership to streamline international business-to-business payments, providing financial institutions and their customers with more choice when sending money across borders, while improving the end-to-end speed and transparency of their transactions. Chris Newkirk, Global Head of New Flows, Commercial and Money Movement Solutions at Visa and Thierry Chilosi, Chief Strategy Officer at Swift join Sibos TV shed a light on the collaboration and how it will benefit the industry."
Visa
"Visa and Swift today announced a collaboration to streamline international business-to-business (B2B) payments by strengthening connectivity between their networks that move trillions in value globally."
Businesswire
"Swift and Wise have announced an innovative collaboration to increase cross-border payment options for financial institutions and their customers, enabling payments sent securely via Swift to complete seamlessly over Wise with end-to-end transparency."
Business Wire
"Swift has entered a new phase of its breakthrough work on Central Bank Digital Currency (CBDC) interoperability, announcing that three central banks are beta testing its innovative solution for interlinking CBDCs, while 30 financial institutions are experimenting with the solution in a new sandbox to explore further use cases."
SWIFT
"Research: To help better understand the booming demand for low-value cross-border payments, we asked consumers and SMEs in eight key markets what they value most when sending money abroad. Those markets were Australia, China, Germany, India, Saudi Arabia, South Africa, the UK and the US."
Business Wire
"Swift today announced strong progress toward goals set by the G20 for enhancing cross-border payments, reporting that 89% of transactions processed on its network reach recipient banks within an hour."