SWIFT announces milestones reached ahead of 2022

|

Valentina Vitali
Valentina Vitali
Research Analyst
Valentina is a Research Analyst and passionate about payments and fintech. Valentin enjoys analysing money transfer companies and the market. In her work, Valentina analyses payments data… Read more
  • SWIFT, a major provider of financial messaging services, has confirmed that it has passed a number of the major milestones it promised to deliver on by the end of the year
  • The company said that this included upfront payment validation.
  • “This past year, SWIFT helped lay the groundwork for the transformation of cross-border payments in 2022,” said a spokesperson for Bank of America.

SWIFT, a leading financial messaging service and system, has confirmed that it has reached a number of major milestones ahead of 2022.

The company, which is a co-operative, confirmed that it had delivered on many of the cross-border payments promises it has made over the last few months.

For example, SWIFT has managed to begin validating payments upfront – a move that has eased some of the problems that were holding up the payments system.

The organisation has also managed to tackle the lack of transparency issues and has made it easier for payers to be sure that they’re inputting the correct payee details.

SWIFT has also made significant progress in terms of central bank digital currencies (CBDCs).

These are now integrated into a number of key cross-border payment flow systems.

Overall, it is expected that SWIFT will see double-digit traffic growth next year.

A number of leading financial organisations queued up to praise SWIFT for the work that it has been doing recently.

David Kretz, Bank of America’s global head of Strategy and Payments for Global Transaction Services, said that SWIFT had enabled improvement by putting some key changes in place.

He explained that this put the international payments industry in a good position ahead of 2022.

“This past year, SWIFT helped lay the groundwork for the transformation of cross-border payments in 2022,” he said.

He went on to say that the move to a new ISO would improve the quality of data moving around the system.

“The migration to ISO 20022 in particular will enhance the quality of data within payments messages.”

Kretz said that processing will become “more consistent” as a result.

“This will allow more consistent processing across global clearings, and create opportunity for improved efficiency and insights for both corporate and financial institution users,” he said.

Similarly, a senior figure at Standard Chartered explained that the company had been working to “co-create the vision” of future payments with SWIFT.

Philip Panaino, the global head of Cash Management at Standard Chartered, said that this had been happening since SWIFT revealed its strategy.

“Since their new strategy was announced, we have been working alongside SWIFT to co-create the vision for the future of payments for our industry.”

Do you want to find out more about the way that the online money transfer system works? If so, our reviews pages are here to help.


Most Read

Use Our Currency Comparison Tool

Results are ranked in order of the best overall deal, taking into account transfer times, rates, fees, and customer service.

Editor's Choice

FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.