New blockchain initiative by SWIFT for cross-border payments

The project, called the Global Payments Innovation Initiative, will focus on business-to-business payments in early 2016. The service aims to help companies strengthen global supplier relationships and improve treasury efficiencies. Companies will be able to receive payments directly from banks along with features such as end-to-end payment tracking, same-day use of funds, fee transparency and predictability, and the transfer of more payment information.

The new service will operate under multilateral service level agreements among the participating banks. It is designed to address customer needs without undermining the banks’ abilities to meet compliance obligations, liquidity and credit risk requirements. Participation will be available to any SWIFT financial institution that adheres to its rules.

SWIFT also plans to use Innotribe, its innovation arm, to engage the fintech community and examine innovations like real-time payment status tracking, the use of peer-to-peer messaging and blockchain technology.