SWIFT has launched a global payments innovation initiative to improve customer experience in correspondent banking by increasing the speed, transparency and predictability of cross-border payments.
The initiative will initially focus on a business-to-business payments service supported by participating banks in early 2016.
The new service will help corporates grow their international business, improve supplier relationships, and achieve greater treasury efficiencies.
In addition, it will also enable corporates to receive an enhanced payments service directly from their banks. It will include same day use of funds, transparency and predictability of fees, end-to-end payments tracking and transfer of rich payment information.
The new service is designed to address end-customer needs, without compromising banks’ abilities to meet their compliance obligations, market, credit and liquidity risk requirements.
Gottfried Leibbrandt, CEO of SWIFT, said: “Correspondent banking serves the industry with millions of secure cross-border payments day in, day out; with this initiative we are building on those strengths, enabling banks to provide distinctive cross-border payments services and providing real benefits to end customers. This is a critical step in cross-border payments innovation.”
Yawar Shah, chairman, SWIFT, added: “This global payments innovation initiative is a reflection of the strength of the SWIFT community and its ability to collaborate and innovate, and deliver a new benchmark in cross-border payments.”
