The goal of the pilot is to build the foundation of a new integrated and interactive service that will improve efficiencies in the payments process and which will ultimately be made available to all 10,000 banks across the SWIFT network.
Fully integrated with gpi payments, the service will facilitate real time dynamic bank-to-bank interaction using APIs to improve the predictability and efficiency of international payments, and look at using predictive analytics. It will later be complemented with a post-payment investigation and reconciliation service that will allow for fast resolution of the remaining factors, typically arising from compliance or regulatory requirements, which can slow down the payments process.
Following widespread interest and demand from a large number of banks, SWIFT has established the first targeted pilot with a subset of fifteen major banks from around the world. Based on a real-time API-based mechanism, the pilot will enable sending banks to send and receive API calls over SWIFT to seamlessly check beneficiary account information with the ultimate receiving banks.
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