Veritran and Swift partner to enhance cross-border payments

By Delisha Fernandes

Banking platform Veritran has partnered with financial messaging service Swift to enable financial institutions to offer an enhanced and streamlined cross-border payment experience to their customers.

Through joining the Swift Partner Programme, Veritran’s customers will be able to offer their end users access to a number of Swift solutions that will increase transparency and security in cross-border payments.

Juan Carlos Botrán, Global Head of API Acceleration at Swift, said, “Collaborations such as this are improving the experience for those sending payments cross-border while also increasing transparency and security to improve the ecosystem as a whole. It’s vital that industry players work together in this way to overcome increasing fragmentation in the cross-border payments landscape.”

The Swift GPI Tracker will enhance transparency in cross-border payments by enabling users to check a payment’s status. Payment Pre-validation will increase security and peace of mind by validating beneficiary data before payment is sent, while SwiftRef – Swift’s payments reference data solution – will help streamline payment operations and enable users to find all the data sets they need in one place. Users will also have full visibility of a payment cost, including the FX rate, upfront.

The proposition offers an end-to-end solution that will minimise friction and enhance the customer experience by ensuring quicker and more transparent transactions worldwide. This collaboration aims to simplify the customer experience and boost the operational efficiency of financial institutions.

Marcelo Fondacaro, CCO at Veritran, added, “We are thrilled to play an important role in this strategic collaboration. This agreement is designed to align with the changing market demands, prioritising the need for speed and flexibility with a more transparent and consistent pricing structure for users, the retail sector, small and medium-sized enterprises (SMEs) and large corporates. At Veritran, we’re fully committed to leading the charge towards an innovative future in international payments.”

This collaboration aims to enhance user loyalty by expanding digital access and improving the efficiency of banking operations and end-user experience. This innovative proposal for financial institutions guarantees instant access to funds globally, enhancing transparency and control over every transaction from start to finish while adhering to existing regulations.