SWIFT has revealed that over the next two years and beyond it will fundamentally transform payments and securities processing, retooling cross-border infrastructure as part of a new strategy.
The strategy has been approved by its board and is set to enable the world’s financial institutions to deliver instant and frictionless end-to-end transactions.
The cooperative will expand beyond financial messaging to provide comprehensive transaction management services.
The new approach will support and accelerate innovation, paving the way for financial institutions to create new value-added services to support their business growth.
Additionally, the enhanced platform will orchestrate interactions between financial institutions and other participants to minimise friction, optimise speed and provide end-to-end transparency and predictability from one account to another anywhere in the world.
SWIFT explained the digital platform will use application programming interface and cloud technology to provide a set of common processing services that banks have historically invested in individually, saving the industry time and money.
Meanwhile, new and extensive data capabilities will enable the pre-validation of essential data, fraud detection, data analytics, transaction tracking and exception case management.
Javier Pérez-Tasso, CEO of SWIFT, said: “We are innovating the underlying infrastructure that financial institutions use to make transactions run even faster end-to-end, and at the same time further reducing costs for the community through industry-shared services in the areas of cyber, fraud and compliance.”
He added: “We will introduce data innovation that embeds risk and control elements expected from SWIFT, creating peace of mind for business-critical operations. Combining these elements, we are creating a broad platform with faster technology and smarter and better services that the industry can trust as a foundation for innovation towards their own end-clients.”
