Following this announcement, Veritran and Swift will focus on enabling financial institutions and companies to provide optimised and secure cross-border payments to their customers and collaborators.
In addition, both companies will prioritise the process of meeting the needs, preferences, and demands of users and partners in an ever-evolving market, while also focusing on remaining compliant with the regulatory requirements and laws of the industry.
Throughout the partnership, Veritran will join the Swift Partner Programme in order to allow its collaborators to be able to provide their end users access to several Swift solutions that will increase transparency, security, and efficiency in cross-border transactions. For example, the Swift GPI Tracker will be available in order to optimise transparency in cross-border payments by allowing customers to check the transaction’s status in real time and ensure the process is going smoothly.
In addition, the Payment pre-validation solution is expected to increase security by validating beneficiary data before the payment is sent, while SwiftRef, the company’s transactions reference data solution, will optimise the manner in which payment operations are streamlined. In addition, the service will also give users the opportunity to find all the needed data sets in one place, while also being enabled to benefit from full visibility of a payment cost, including the FX rate.
At the same time, the initiative will provide an end-to-end solution that is expected to minimise friction and optimise the customer experience. This process is set to take place by ensuring quicker and more transparent transactions around the world. Furthermore, the collaboration will also simplify the overall payments experience, while also boosting the operational efficiency of financial institutions.
The collaboration will focus on optimising user loyalty by expanding digital access, as well as improving the overall efficiency of banking operations. In addition, the proposal for financial institutions is expected to grant access to funds globally, while also optimising transparency and control over every transaction from the beginning of the process until the end of it.
The agreement was designed to align with the overall changing market demands and prioritise the need for flexibility through the use of a more transparent and consistent pricing structure for users, SMEs, large corporates, and the overall retail sector.
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