back Back

Swift launches new cross-border payment tracking solution

By Gloria Methri

May 28, 2024

  • Cross Border Payments
  • End-to-End Payments
  • Europe
Share

SWIFT, Instant Payments, ISO 20022, FinTech, Payment Processing, Instant Transfer, Cross Border Payments, Spain, EuropeSwift has set out plans to help financial institutions streamline the cross-border payments experience for their corporate customers. The company has extended ISO 20022 across the entire payment chain, giving banks ready-to-use, white-labelled tracking services that can be activated for customers at the click of a button.

Swift will enable financial institutions to capture rich data at source by standardising the payment end-to-end with ISO 20022.

It will also help banks offer their customers ready-made and white-labelled payment tracking services by API or messaging channel, giving complete transparency on a payment’s status as well as confirmation of its receipt.

Swift’s goal is to introduce a universal standard that can maximise the benefit of ISO 20022’s richer, more structured data, facilitating automation and reconciliation and drastically reducing integration costs.

The standardisation of payment tracking data will enable banks to easily offer the same experience across their corporate customer base, regardless of their own geographical reach or local investment. Currently, multi-banked corporates receive tracking information through different channels and in different formats.

Thierry Chilosi, Chief Strategy Officer at Swift, said, “Adoption of ISO 20022 provides a unique opportunity to improve cross-border payments. Capturing rich data at source will enhance the entire ecosystem, driving us closer to our goals of instant and frictionless transactions. We’re delighted to be making it easy for our community to extend the benefits to their customers while simplifying and standardising access to services, such as tracking, which are so important to efficient corporate treasury.”

Many members of Swift’s working group are implementing and piloting the new capabilities, and Swift intends to extend them to its wider community later this year.

Previous Article

May 28, 2024

3 FinTechs propelling Contactless Payments Technology in India

Read More
Next Article

May 28, 2024

FinTech CBiGroup secures $15m Series A funding to boost R&D

Read More






IBSi Daily News Analysis

June 21, 2024

Cross Border Payments

Industry experts react after India FIU fines Binance $2.2m, signaling tougher digital asset regulations

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

MECCA & Adyen to offer a seamless payments experience in Australia

Read More

Today

Vipps, MobilePay launch cross-border P2P payments in the Nordics

Read More

Today

FinTech Focus: Catch latest developments of the week

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023