Companies

10 Takeaways From Swift at Sibos 2024

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."

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Companies

Swift Cross-Border Payment Processing Speed Stretches Further Ahead of G20 Target

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."

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Companies

Swift to Launch AI-Powered Fraud Defence for Cross-Border Payments

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."

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Companies

Banks Optimistic on Meeting ISO 20022 Deadline, But Challenges Remain

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."

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Companies

Live Trials of Digital Asset Transactions on Swift to Start in 2025

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."

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Companies

How ISO 20022 Is Helping BNY Navigate the Future of Payments

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."

Tags: Bank of New York Mellon Swift

Companies Global

Japan’s Big 3 Banks to Use Stablecoins, Swift for Cross Border Payments

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.

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Companies

The Impact of Instant: Why the EU’s Regulation Is a Big Deal for Small Businesses

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."

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Companies

Swift: Focus on Instruction Messages for November 2025

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."

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Companies

Swift and Global Banks Launch AI Pilots to Tackle Cross-Border Payments Fraud

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."

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Companies

Swift Standardises Payments End-to-End and Gives Banks Ready-to-Use Tracking Services to Enhance Corporate Experience

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."

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Companies

Swift Planning Launch of New Central Bank Digital Currency Platform in 12-24 Months

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."

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Companies

Swift Sets Industry Up for Seamless Introduction of CBDCs for Cross-Border Transactions as Interlinking Solution Finds More Use Cases

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."

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Companies

ISO 20022: Supercharge Your Payments Business With ISO 20022 | Swift [Video]

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."

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Companies

StoneX Announces Adoption of Swift’s Payment Pre-validation Service

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."

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Companies

Swift Connects Instant Payment Systems to Bring Round-The-Clock Processing Across Borders

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."

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Companies

Sibos TV: Swift & Visa's Collaboration to Streamline International B2B Payments [Video]

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."

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Companies

Visa and Swift Team Up to Enhance Transparency, Speed and Security in Global B2B Money Movement

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."

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Companies

Swift and Wise Join Forces to Expand Cross-Border Payment Options 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."

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Companies

Swift Advances CBDC Innovation as Interlinking Solution Begins Beta Testing

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."

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Companies

SWIFT: Small Payments. Big Opportunity

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."

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Companies

Swift’s Cross-border Payments Processing Speed Surpasses G20 Target

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."

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Companies Global

Swift and Chainlink Partner with Financial Institutions in Order to Connect Their Systems to Blockchain

The Cryptonomist

"According to the latest news, it appears that Swift and Chainlink are collaborating with major financial institutions to deploy the use of CCIP in order to connect their systems with any blockchain network."

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Companies

Swift Successfully Trials Blockchain for Corporate Actions

Markets Media

"How can the securities industry reduce costly frictions in communicating corporate actions? Learn more about the results of our latest collaborative experiments to find out. Together with six leading securities industry participants – including American Century Investments, Citi and Northern Trust – we’ve successfully piloted an innovative blockchain-based solution that could reduce costly frictions associated with communicating significant corporate events to investors. The testing concluded that the experimental solution could be beneficial for the industry, providing a clear and consistent view of corporate actions throughout the investor ecosystem, as well as quickly alerting when changes or updates occur."

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Companies

Banks See "Clear Potential and Value" in Swift's Experimental CBDC Connector After Sandbox Collaboration

EIN News

"Swift announced further progress on its experimental solution for interlinking Central Bank Digital Currencies (CBDCs), reporting that 18 central and commercial banks found "clear potential and value" in the API-based CBDC connector after a comprehensive review. The cooperative published the findings of the 12-week period of collaborative sandbox testing, in which almost 5,000 transactions were simulated between two different blockchain networks and with existing fiat-based payment systems. Central and commercial bank participants expressed strong support for the solution's continued development, noting that it enabled seamless exchange of CBDCs, even those built on different platforms."

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Companies

Ripple to Replace SWIFT – Newest GPI Direct Response to ODL’s Expansion to More than 40 Countries

Crypto News Flash

“Ripple Inc., a leading American blockchain infrastructure provider fighting the SEC in a lawsuit, is working to help reduce cross-border friction through the real-time global settlement platform, On-Demand Liquidity (ODL). The ODL has significantly been adopted worldwide with Ripple noting that over 40 new markets have been onboarded. As such, market strategists unanimously agree XRP is significantly undervalued and perhaps suppressed by the Ripple vs SEC lawsuit.”

Tags: Ripple Swift

Companies

Swift Go Sign-Ups Triple as Cooperative Makes Significant Progress on G20 Goals to Enhance Cross-Border Experience

SWIFT

“Swift reported significant progress in 2022 toward the G20’s goals for enhancing the cross-border experience, rapidly setting a new standard for low-value payments, transforming upfront payment processing to remove friction, bringing new levels of transparency to the securities industry, and delivering breakthrough innovation to integrate CBDCs into the financial ecosystem. The progress is the result of strong strategic focus over the past two years to enable instant, frictionless processing between 4 billion accounts worldwide and aligns with the G20’s objectives of improving speed, cost, transparency, choice and access in the cross-border payments experience. Swift’s achievements this year include: Increasing speed – Today, nearly half of Swift transactions reach end beneficiaries within 5 minutes and two thirds arrive within one hour, well on the way to the G20’s target of 75% settling within 60 minutes; Giving choice to small businesses and consumers – Sign-ups for Swift Go, which brings speed, transparency, and certainty to payments under $10,000, have tripled to more than 500 banks across more than 120 countries…”

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Companies

Swift Accepts Community Request to Start ISO 20022 Migration in March 2023

SWIFT - The global provider of secure financial messaging services

“Swift has worked extensively with its global community to prepare for the start of the ISO 20022 migration for cross-border payments and reporting (CBPR+) and since August, all required capabilities have been deployed and institutions have been able to exchange ISO 20022 messages on an opt-in basis. On 20 October 2022, the ECB shared its decision delaying the ISO 20022 migration of the Eurosystem by four months. In light of this announcement and in line with our earlier scenario planning, Swift committed to further analyse and validate impacts on the timeline for CBPR+ with a view to maintaining operational and business continuity across the global financial system. An overwhelming majority of our global community has requested that Swift align the start of the global ISO 20022 migration for CBPR+ with the ECB’s updated timetable to ease implementation. In response, we have taken a decision to accommodate this request, and Swift will begin the ISO 20022/MT coexistence period for all users on 20 March 2023.”

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Companies Domains

Immediate Cross-Border Payments (IXB) Pilot Set to Revolutionize International Payments

The Clearing House

“EBA CLEARING, The Clearing House (TCH) and SWIFT announced today that the delivery of the Immediate Cross-Border Payments (IXB) pilot service is on track and is set to revolutionize cross-border payments. The IXB pilot service will leverage the existing real-time payment systems RTP® in the United States, run by TCH, and RT1 in Europe, run by EBA CLEARING. IXB will begin processing the first live transactions in the euro and U.S. dollar currency corridor in the coming months. Developed with the support of 25 financial institutions from both sides of the Atlantic, the IXB pilot has been progressing during the past six months, resulting in the timely delivery of the IXB solution processing the technical messaging between the pilot institutions engaged in the testing and the respective payment systems. End-to-end testing between RTP, the IXB app and RT1 is ongoing with user integration and testing following shortly thereafter.”

Tags: EBA Clearing Swift The Clearing House (TCH)

Companies

SWIFT Sets Out Blueprint for Central Bank Digital Currency Network

Reuters

“Financial messaging system SWIFT has laid out its blueprint for a global central bank digital currency (CBDC) network following an 8-month experiment on different technologies and currencies. The trial, which for the last month has involved both France and Germany’s national central banks as well as global lenders like HSBC, Standard Chartered and UBS, looked at how CBDCs could be used internationally and even converted into fiat money if needed.”

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