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A leading payments industry news source for more than 17 years. Glenbrook curates the news and keeps you abreast of the important daily headlines in payments.
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December 11, 2024
On the web
Moving Towards an Interoperable Future: Inside Our Mission to Digitise Global Trade
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.
Swift and Google Cloud Partner
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."
December 9, 2024
On the web
Ant International Joins Swift Program to Enhance Cross-Border Payment Solutions
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."
December 6, 2024
On the web
One-Year Countdown to ISO 20022 for Cross-Border Payments and Reporting Plus+ Begins
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."
November 14, 2024
On the web
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."
October 17, 2024
On the wires
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."
October 16, 2024
On the web
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."
October 3, 2024
On the web
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."
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."
September 12, 2024
On the web
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."
September 9, 2024
On the web
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.
June 19, 2024
On the web
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."
June 7, 2024
Top Post
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."
May 30, 2024
On the wires
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."
May 21, 2024
On the wires
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."
March 26, 2024
On the wires
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."
March 25, 2024
On the wires
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."
February 13, 2024
On the web
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."
January 2, 2024
On the web
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."
November 30, 2023
On the web
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."
September 25, 2023
On the web
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."
September 19, 2023
On the web
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."
September 18, 2023
On the wires
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."
September 13, 2023
On the wires
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."
August 30, 2023
On the web
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."
August 22, 2023
On the wires
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."
June 7, 2023
On the web
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."
March 24, 2023
On the web
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."
March 9, 2023
On the web
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."
December 23, 2022
On the web
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.”
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