SWIFT says that 73 banks worldwide have now joined its global payments initiative, designed to improve the cross-border payments experience.
Recent banks to join the initiative include, Alfa-Bank, Axis Bank, Banco de Crédito del Peru, Banco do Brasil,
Bangkok Bank, Bank of Nova Scotia, Banque Européenne d’investissement, CaixaBank, Canadian Imperial Bank of Commerce, Credit Agricole, CTBC Bank, E.Sun Commercial Bank, Fifth Third Bank, ICICI Bank, Itaù Unibanco, Mashreq Bank, Promsvyazbank, Rabobank, Svenska Handelsbanken, Swedbank, TMB Bank and U.S. Bank.
“It is great to see so many banks from all corners of the globe participating in SWIFT’s global payments initiative,” says Wim Raymaekers, Global Head of Banking Market and project lead for this initiative at SWIFT. “Together, they do nearly 75% of all cross-border payments on the SWIFT network. We welcome additional banks to join this open initiative“
As a part of the initiative, banks will enhance their approach to cross border payments and follow a set of strict business rules designed by SWIFT in collaboration with participating banks. Banks in the initiative will be able to give their corporate clients a dramatically improved payment experience, with same day use of funds, transparency of fees, end-to-end tracking, and transfer of rich payment information.
To enable the end-to-end tracking, SWIFT is developing a database ‘in the cloud’ hosted at SWIFT, to give end-to-end visibility on the status of a payment transaction, from the moment it is sent until it is confirmed – similar to tracking services provided by international shipping companies.
Raymaekers adds: “This new payments tracker is a great example of collaborative innovation. 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.”
“SWIFT’s global payment innovation initiative is a real game-changer”, says Christian Sarafidis, Chief Marketing Officer, SWIFT. “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.”