SWIFT makes key hire from Deutsche Bank as offer grows

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Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely… Read more
  • SWIFT hires David Watson, who formerly headed up global digital cash products
  • Now he will be responsible for a range of SWIFT’s money transfer products including the global payments innovation (gpi) area
  • “We are delighted to welcome him on board to help drive our regional strategy and support our vision of delivering a fast and frictionless cross-border payment experience for the global financial industry”, says SWIFT chief executive

 

Well-known payments network SWIFT has announced it will hire a former head of cash management at blue-chip financial services firm Deutsche Bank.

David Watson, who used to be a managing director responsible for global digital cash products at the multinational bank, will now join SWIFT.

He will take up the role of strategic relationship director for the organisation.

As part of his new job, Watson will be responsible for the strategy and direction of SWIFT across the North American continent.

He will also ensure that key relationships between current (and new) stakeholders and the organisation are maintained.

In a nod to the importance of compliance, Watson will also be responsible for ensuring that one of its key products – the financial crime compliance package it offers – is performing well.

He has also been given oversight of the global payments innovation product line, which helps clients to facilitate cross-border payments.

Watson is no stranger to SWIFT and has worked alongside the organisation in a number of capacities over the years.

He has been a part of the organisation’s Corporate Advisory Group since 2011, for example.

He has also been on the company board of The Clearing House (TCH) since 2017.

He will be based in New York, and he took up his role on Monday of this week.

In a statement, the acting chief executive of SWIFT for the UK and the Americas David Scola said that Watson has a “wealth of industry expertise”.

“David brings with him a wealth of industry expertise, having held senior roles in operations, product management and product development, including cash, trade finance and securities services”, he said.

“We are delighted to welcome him on board to help drive our regional strategy and support our vision of delivering a fast and frictionless cross-border payment experience for the global financial industry”, he added.

The news comes after a busy year for SWIFT in which it has made lots of announcements about its future plans.

It said recently, for example, that it had developed a fresh application programming interface (API) standard for pre-authorising funds.

This is part of its efforts to contribute to the open banking changes going on in Europe and elsewhere.

It permits the bank of the person making the transaction to ringfence the funds they want to use in advance of going ahead – which makes the payment process less prone to risk.

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