SWIFT’s new transaction management platform received an endorsement from six international banks, which are getting ready to harness the system’s new functionalities to allow for new services, bolster efficiency and decrease expenses when it launches in November of next year, according to a Thursday (June 24) announcement emailed to PYMNTS.
Citi, Bank of New York Mellon, Deutsche Bank, BNP Paribas, Standard Chartered and Bank of China confirmed that they are preparing for the system, according to the announcement.
“SWIFT’s platform strategy helps provide the industry with a clear path towards a ubiquitous instant and frictionless cross-border payments experience, which, coupled with SWIFT’s established global reach and scale, represents a credible path to success. We look forward to working with the wider SWIFT community to drive transformational change and to deliver this substantially improved payments experience directly to our clients,” Citi Global Head of Payments and Receivables, Treasury and Trade Solutions Manish Kohli said in the announcement.
New functionalities such as central control of exceptions, upfront validation of beneficiary information, the extension of SWIFT’s high-speed gpi rails to lower-value payments and new rich information services based on the ISO 20022 standard will serve as the cornerstones of the bolstered platform.
“SWIFT has unique assets including both global and domestic reach via connectivity to financial institutions around the world, expansive data and unparalleled resiliency. Unlocking the value of these assets will bring significant value to our global clients, and we are fully committed to working with SWIFT and the wider industry to drive this transformation forward and help revolutionize the way value moves around the world,” Paul Camp, CEO of Treasury Services, Bank of New York Mellon, said in the announcement.
The news comes as SWIFT was debuting gpi Instant, a new service for in-the-moment international payments and transfers. “This is an important milestone in our strategic ambition to help banks meet growing global demand for instant and frictionless cross-border payments,” David Watson, chief strategy officer at SWIFT, said in a December announcement.