SWIFT, a financial messaging provider, is launching SWIFTRemit to address the needs of the global remittance market. Providing a global platform for person-to-person (P2P) payments, SWIFTRemit connects banks, money transfer operators (MTOs) and other types of supervised payment institutions over the highly secure and stable SWIFT network. The service provides the remittance industry with a business and technical framework that includes ISO 20022 message standards, to support cost-effective implementation and scalability for remittance services worldwide.
SWIFTRemit helps users provide better customer service in the form of additional flexibility and cost and time transparency. With SWIFTRemit, money transfers can be made in cash and to accounts, cards and cheques. The service is mobile-friendly and provides for mobile instructed payments, notifications and pay-outs, including payments to mobile wallets. In addition to P2P payments, SWIFTRemit also supports pension pay-outs.
Gottfried Leibbrandt, head of marketing at SWIFT, said: “SWIFTRemit offers our customers a unique opportunity to offer a competitive product in the global retail payments market. A lack of interoperability and consistent quality standards among existing systems is holding back growth. SWIFTRemit provides a brand-neutral solution that institutions can customise in line with their specific customer and business demands.”
SWIFT’s initial workers’ remittances service, launched regionally in 2009, has been well-received by the industry. Nearly 70 financial institutions have already registered for the service and about 25 are already operational.
CaixaBank in Spain was an early adopter of SWIFTRemit and has seen a number of clear benefits for its remittance business. Antonio Blanco, management control director, International Banking, CaixaBank, said: “SWIFTRemit’s standardised approach makes it much easier to establish relationships with new counterparts. With SWIFTRemit it takes an average of two months to set up a new counterpart – compared to six months before we started using the service.”
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