If you’ve ever sent or received a international bank transfer, there’s a good chance it was done using SWIFT. SWIFT is an acronym for the Society for Worldwide Interbank Financial Telecommunication, a cooperative that provides safe and secure financial messaging services to over 11,000 member institutions in 200 countries. SWIFT messages contain instructions for transmitting money between banks, and they are used for a wide variety of transactions including international trade financing, cross-border payments, and capital market transactions. ISO 20022 is the most recent addition to the SWIFT suite of standards, and it is specifically designed for transaction management. ISO 20022 messages are based on XML (Extensible Markup Language), making them more flexible and easier to process than previous generations of SWIFT messages.
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Data for today’s episode is provided by Mercator Advisory Group’s report – Sibos 2020: The View from a Desk
5 Capabilities of the New SWIFT Transaction Management Solution:
While SWIFT doesn’t expect all 11,000 members to migrate to ISO 20022, the cooperative seeks to better compete against new entrants. SWIFT will be rolling out transaction management solutions to provide the following high-level capabilities:
- End-to-end transaction management
- Instant and frictionless cross-border payments
- Payment pre-validation
- Data and financial crime services
- Solutions for SME and consumer sectors
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