- SWIFT, which is one of the world’s most prominent financial messaging services, has announced that it will release an updated version of its cross-border payments platform in November of next year.
- This version will feature a variety of options for customers, including application programming interface (API) integration opportunities.
- A spokesperson for SWIFT emphasised the “interoperability” aspect of the new version of the platform, and said that connectivity was an important part of the offer.
Financial messaging service SWIFT has announced a launch date for a new iteration of its latest platform.
The new platform, which aims to improve cross-border payments in various ways, will be launched in November 2022.
It will be the first release in an expected line of other releases, and is expected to offer a range of advanced features.
It is expected to offer a lot of features relevant to the ISO 20022 migration, which has to take place by November 2025.
This plan will see financial institutions told to adhere to a set of standard rules for the exchange of financial information.
It is expected to be fully implemented across the decade.
Financial institutions that do not adhere to the new rules face not being able to participate fully in global cross-border payment services.
The 2022 release will see MT messaging users told that they can continue to operate with that format.
However, they will need to ensure that they are ready to make the big move by 2025, at which point MT messaging will be banned.
A suite of integration features will also be released next year.
Application programming interfaces (APIs) will be on offer.
In a statement, SWIFT, which is based in Belgium, said that its plan to merge both service provision and data analytics would have a knock-on consequence for cost-effectiveness for the end user.
“By bringing together data and common services, we aim to significantly improve end-to-end efficiency and reduce total costs, while bringing new business value to end customers,” it explained.
It went on to say that “interoperability” – or the capacity to share information and utility effectively between different systems – was also a key aspect of the new plans.
“The platform will ensure interoperability between users of different data formats and connectivity channels, with the full benefits of richer data and advanced platform features available to those using ISO 20022 and APIs,” it said.
Those who are interested can now download a paper that explains the new changes and gives banks and other relevant firms the chance to organise their responses.
SWIFT is an international cooperative that provides financial messaging functions for information transmission.
It is used by banks and other organisations operating in the financial services sphere to get this sort of information across borders in a safe and efficient way.
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