Archives

September 19, 2023 @ 11:52 am By JD Alois  |  

Swift, a global financial messaging service that is used by just about everyone to transfer value, has partnered with Wise (LSE:WISE) – a stealth bank that got its start in low-cost transfers. According to a statement by Swift, the partnership will enable users to complete… Read More

August 31, 2023 @ 10:57 am By JD Alois  |  

Swift, a global financial services firm that is relied upon by more than 11,500 financial services organizations around the world, has announced a successful blockchain test deemed to show the potential for tokenized assets in the future. According to a statement by Swift, an experiment… Read More

August 23, 2023 @ 7:15 am By Omar Faridi  |  

Swift announced strong progress toward goals set by the G20 for enhancing cross-border payments, reporting that 89% of transactions processed on its network reach recipient banks within an hour. That’s ahead of speed targets “set by the Financial Stability Board to achieve one-hour processing for… Read More

October 28, 2022 @ 1:25 pm By Omar Faridi  |  

SWIFT and MonetaGo have achieved an important milestone in the global fight against fraud and duplicate financing, “with the live launch of the Trade Financing Validation Service provided by MonetaGo over the global SWIFT network.” This is “the first third party service, in trade, available… Read More

October 6, 2022 @ 8:08 am By Omar Faridi  |  

SWIFT has reportedly shown that Central Bank Digital Currencies (CBDCs) and tokenized assets can “move seamlessly on existing financial infrastructure – a major milestone towards enabling their smooth integration into the international financial ecosystem.” The findings, from two separate experiments, “solve the significant challenge of… Read More

May 27, 2022 @ 6:44 pm By Omar Faridi  |  

  SWIFT, in collaboration with Capgemini, is conducting new experiments to test how we can interlink domestic CBDCs and “take the next step towards seamless cross-border payments involving digital currencies.” Interest in Central Bank Digital Currencies (CBDCs) is “on the rise.” A report from the… Read More

April 29, 2022 @ 8:18 am By Omar Faridi  |  

EBA CLEARING, SWIFT and The Clearing House (TCH) announced that they intend to introduce a pilot service for “immediate” cross-border (IXB) payments “with the support of banks from both sides of the Atlantic.” The pilot service “is scheduled to begin by the end of this… Read More

February 27, 2022 @ 4:43 pm By JD Alois  |  

While the humanitarian crisis grows in Ukraine and Russia’s unprovoked war rages on, the European Union (EU) announced that selected Russian banks have been removed from the SWIFT messaging system. While the names of the bank were not immediately available, any on the list will… Read More

February 26, 2022 @ 5:02 pm By JD Alois  |  

The Society for Worldwide Interbank Financial Telecommunication or SWIFT, is in the news quite a bit as of late as discussions are ongoing as to whether Russia should be disconnected from the platform following its unprovoked invasion of Ukraine and ongoing war terrorizing the country…. Read More

October 10, 2021 @ 7:04 pm By Omar Faridi  |  

UniCredit and J.P. Morgan (NYSE: JPM) have teamed up for the SWIFT Go project – a transformative new service that “enables small businesses and consumers to send fast, highly secure, and competitively priced low-value cross-border payments anywhere in the world.” As mentioned in the announcement:… Read More

July 29, 2021 @ 2:01 am By Omar Faridi  |  

SWIFT reveals that it has launched SWIFT Go, a service that enables small businesses and consumers to send “fast, predictable, highly secure, and competitively priced low-value” cross-border payments across the globe. Payments may be sent directly from users’ bank accounts. Seven international banking institutions, which… Read More

July 28, 2021 @ 1:19 pm By Tony Zerucha  |  

The recent news that Swift is launching Swift Go, a low-value, cross-border payment may not be as monumental as it seems, the founder of global B2B payment provider VertoFX believes. In an announcement yesterday, Swift said the new service would enable financial institutions to offer… Read More

April 24, 2020 @ 8:49 am By Omar Faridi  |  

Fintech firm Currencycloud has introduced a new API that offers SWIFT GPI tracking of international payments. Previously, the only entities providing cross-border transaction tracking services were banking institutions. Currencycloud aims to enter this market, and plans to make payment tracking as straightforward as tracking packages…. Read More

February 19, 2020 @ 8:20 am By Omar Faridi  |  

Major bank-to-bank messaging system Swift processed $40 trillion in messaging transactions back in 2018. Significantly, Swift handled $77 trillion in international payments messages via the gpi platform last year, which indicates that the demand for the program is becoming even more firmly established in the… Read More

July 17, 2019 @ 4:18 pm By Samantha Hurst  |  

SWIFT, a global member-owned cooperative and provider of secure financial messaging services, announced on Tuesday it has launched a multi-bank GPI payment initiation and tracking service for corporates. The company revealed in a blog post: “Built in conjunction with banks and corporates, we’ve introduced a… Read More

June 21, 2017 @ 5:29 pm By Cole Lyons  |  

In a recent announcement, SWIFT offered up to €200,000 in funding to Fintechs around the world to develop new overlay services that utilize their new global payments innovation (gpi) platform. The two winning Fintech companies of an Industry Challenge will work with banks on innovations that… Read More

May 18, 2017 @ 4:59 am By Erin Hobey  |  

A large majority (75%) of anti-money laundering (AML) professionals believe the current geopolitical landscape presents new risks and challenges for preventing financial crime at their organisations, according to a joint survey by SWIFT and Dow Jones Risk & Compliance. To address these risks, more than half… Read More

April 5, 2016 @ 12:15 pm By Erin Hobey  |  

SWIFT, a global member-owned cooperative and a leading global provider of secure financial messaging services, announced that 21 banks have started the pilot for its global payments innovation initiative, intended to improve the customer experience in correspondent banking by increasing the speed, transparency and predictability of cross-border payments. The… Read More