Implementation of the SWIFT transition strategy to instant seamless transactions is a precondition for its global implementation in 2022.

SWIFT notes the significant progress in its strategy of providing instant and seamless account – to – account transactions anywhere in the world. As part of the strategy implementation, SWIFT fulfilled a number of its obligations, such as:

• increasing the speed and transparency of payments for small amounts

• minimizing delays through preliminary confirmation of payments

• providing banks with tools to quickly obtain extensive data in a multi-format environment.

“This year, SWIFT has laid the groundwork for transforming cross-border payments for the next 12 months. Moving to ISO 20022 will improve the quality of data in payment messages. This will enable more structured data processing for all international settlements and improve efficiency for both corporate users and their customers,” commented David Cretz, Global Chief Strategy and Payments, Global Transaction Services, Bank of America*.

“The launch of the new SWIFT strategy in 2020 was a landmark moment for international payments. We are seeing rapid progress thanks to the close collaboration of the entire financial community. The SWIFT strategy will open up more new market opportunities and we look forward to bringing them to our customers,” said Fan Yaosheng, general manager of the clearing department at Bank of China*.

“The scale of the SWIFT network is key to driving changes in the industry that enable seamless cross – border payments and enable our community to quickly adapt to changing customer needs. For HSBC, SWIFT is a critical partner that innovates to help our customers maintain the pace of doing business, ”said Tom Halpin, Global Head of Payment Products Management at HSBC Bank*.The innovative solutions that SWIFT brought to the market this year have made a significant contribution to the transformation of global finance. 

 The implementation of the strategy is already underway and will accelerate in the coming year. 

Collect & Pay offers SWIFT transfers for sending and receiving money across international borders. Contact us to open an account and start using our platform for financial processes – contact@collectnpay.com

*Reference: https://www.swift.com/news-events/press-releases/swift-delivers-major-milestones-strategy-instant-and-frictionless-transactions-and-sets-stage-global-adoption-2022