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SWIFT rolls out fresh payments strategy

Wednesday 30 September 2020 11:38 CET | News

Global payments consortium SWIFT has announced a new plan and strategy for securities processing and cross-border payments infrastructure, according to CPI. 

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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Keywords: SWIFT, payments strategy, payments, payments consortium, securities processing, cross-border payments, infrastructure, pandemic, digital transformation, real-time payments, API, open banking, incumbents, financial institutions, end-to-end transactions, reconciliation, reporting, asset servicing
Categories: Banking & Fintech | Payments General
Countries: World
This article is part of category

Banking & Fintech