Sometimes, bank relationships simply don’t work anymore. However, changing banks is rarely straightforward - from rejected KYC documentation to technical hitches, the potential hurdles are significant. This article outlines how detailed preparation, messaging standards and a strong moral compass can help the switch go smoothly.
With numerous industry proofs of concept surrounding the technology, the recent SWIFT Business Forum London considered what happens when the focus moves beyond technical aspects into real world challenges.
The financial messaging services provider’s theme this year was ‘Building the Future’, although what form it will take for the financial services sector is far from clear.
A special report from SWIFT shows that despite the impact of Brexit, the UK capital remains the preeminent global foreign exchange and payment centre.
With recent warnings of an accelerating ‘cyber arms race’ in the months ahead, every business should establish a review of their defences against cybercrime as a priority.
Faster payment solutions have belatedly made their debut in the US, but it’s still a work in progress.
The Federal Reserve Banks and The Clearing House develop local market practices to facilitate end-to-end payments tracking for their participants.
Banks and fintechs have both realised that they can achieve far more as natural partners than as competitors. The resulting synergies are particularly great in making international payments swifter, cheaper and more efficient.