SWIFT rolls out fresh payments strategy

With the pandemic accelerating digital transformation and the move to real-time payments and API-based open banking, entrenched incumbents look to revamp their offerings. The new strategy will be implemented in the span of the next two years (2021-2022) and SWIFT believes that it would provide financial institutions to deliver instant end-to-end transactions – and therefore keep SWIFT relevant in the new API-based world.

Financial institutions will be able to expand their offerings and also have improved reconciliation, reporting, and asset servicing processes as well as end-to-end visibility of transactions to reduce settlement fails and fines, as stated in the official press release.

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