SWIFT cross-border payments launch gains 45 banks

SWIFT

SWIFT said that its global payments innovation initiative, unveiled last month, has so far attracted 45 leading banks as members.

Those to have signed up to date are ABN AMRO Bank, Australia and New Zealand Banking Group, Banco Bilbao Vizcaya Argentaria, Bank of America Merrill Lynch, Bank of China, Bank of New York Mellon, Bank of Tokyo-Mitsubishi UFJ, Banco Santander, Barclays, BNP Paribas, Citibank, Commerzbank, Credit Suisse, Danske Bank, DBS Bank, Deutsche Bank, Ecobank, FirstRand Bank, HSBC, Industrial and Commercial Bank of China, ING Bank, Intesa Sanpaolo, JPMorgan Chase, KBC Bank, KEB Hana Bank, Lloyds Banking Group, Maybank, Mizuho Bank, National Australia Bank, Natixis, Nordea Bank, Oversea-Chinese Banking Corporation, Raiffeisen Bank International, RBC Royal Bank, Royal Bank of Scotland (RBS), Sberbank, SEB, Société Générale, Standard Chartered, Sumitomo Mitsui Banking Corporation, TD Bank, UBS, UniCredit, United Overseas Bank and Wells Fargo.

The financial messaging services provider said that it expects further banks to join the initiative over the coming months.

“Such strong participation from major banks all around the world is proof of the importance of this global payments innovation initiative and of their commitment to offering greater speed, transparency and predictability in cross-border payments,” said Christian Sarafidis, chief marketing officer at SWIFT.

SWIFT is aiming to enhance cross-border payment transactions by leveraging its messaging platform and global reach. Together with the industry, SWIFT has created a new service level agreement (SLA) rulebook, providing an opportunity for smart collaboration between banks.

Initially, the new service will focus on business-to-business (B2B) payments. Designed to help corporates grow their international business, improve supplier relationships, and achieve greater treasury efficiencies, SWIFT says the initiative will enable corporates to receive an enhanced payments service directly from their banks. Among the key features are same day use of funds, transparency and predictability of fees, end-to-end payments tracking and the transfer of rich payment information.

“Designed for the corporate treasurer, this initiative will enable banks to dramatically improve their customers’ cross-border payments experience,” said Wim Raymaekers, head of correspondent banking at SWIFT. “Leveraging [our] global community and the innovative application of its proven technology, the new service should find rapid adoption and make a hugely positive impact on the global payments landscape.”

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