BNY Mellon, BNP Paribas, Citi, Deutsche Bank, Standard Chartered, and the Bank of China have endorsed SWIFT’s new transaction management platform.
The six banks are all preparing to use the platform’s expanded capabilities to enable new services, improve efficiency and reduce costs when the platform goes live in November 2022.
New features include upfront validation of beneficiary details, central management of expectations, an extension of SWIFT’s global payment innovation (gpi) rails to lower-value payments and new rich data services based on the ISO 20022 standard.
The features will serve as the building blocks of the enhanced platform and mark integral components of SWIFT’s strategy to facilitate instant and frictionless end-to-end transactions anywhere in the world, according to SWIFT.
SWIFT explains that the platform builds on its work made in the past five years to transform cross-border payments.
Pierre Fersztand, global head of cash management, trade and payments, BNP Paribas, comments: “A transformation is underway in the world of payments and securities processing. Our customers require transactions that are fast, secure and cost-effective.”
Fersztan explains: “SWIFT’s new platform equips the industry with the tools to innovate and meet the demands of the modern era, allowing institutions to leverage enhanced features and more robust data and analytics to accelerate their own digital transformation and deliver a seamless customer experience.”
