Tagged: swift

CBDCs: Banking Institutions See “Clear Potential and Value” in Swift’s CBDC Connector After Sandbox Collab

Swift announced further progress on its experimental solution for interlinking Central Bank Digital Currencies (CBDCs), reporting that 18 central and commercial banks found “clear potential and value” in the API-based CBDC connector after a comprehensive review. The cooperative “published the findings of the 12-week period… Read More

SWIFT, MonetaGo Deliver Key Milestone in Combatting Trade Finance Fraud

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

SWIFT Innovation to Support International Use of CBDCs, Tokenized Assets

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

Standard Chartered Completes Pilot of Trade Financing Validation Service

Standard Chartered (LON: STAN) has completed an “industry-first” pilot testing of the Trade Financing Validation Service provided by MonetaGo over SWIFT, “to mitigate the risks of duplicate trade finance fraud on a global scale.” With a view to effectively detecting, deterring and preventing duplicate financing,… Read More

Impel Introduces SWIFT, SEPA Alternative via XDC Network

Impel and the XDC Network (XinFin) recently announced the launch of Impel, an alternative solutions platform for quickly and securely “sending ISO 20022-compliant financial messages.” It includes the option “to add $XDC as collateral for instant settlement and a bridge to the R3 Corda platform… Read More

CBDCs: New Experiments Pave Way for Global Payments Using Central Bank Digital Currencies

  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

EBA CLEARING, SWIFT, The Clearing House to Offer Pilot Service for Faster Cross-Border Payments

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

European Union Removes “Selected” Russian Banks from SWIFT, Central Bank of Russia Tries to Reassure Population as Putin’s Criminal War Rages On

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

What is SWIFT? And Why is it Important?

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

SWIFT to Explore Tokenized Assets, May Expand Network into Digital Asset Market

Working with Clearstream, Northern Trust, SETL and others, SWIFT plans experiments in Q1 2022 in order to “explore how it can support interoperability in the development of the tokenized asset market.” Relative to digital currencies and stablecoins, the current market cap of tokenized assets is… Read More

UniCredit, JPMorgan Team Up on SWIFT Go Payment Transactions between Europe and the US

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

DBS to Offer Real-Time Digital Cross-Border Incoming Payment Tracking

DBS (SGX:D05) has introduced real-time online tracking of cross-border collections for companies in India through a partnership with SWIFT Global Payments Innovation (gpi). DBS is reportedly first bank in India and the Asia-Pacific region to provide this service to customers, which should benefit around 4,000… Read More

MonetaGo Provides Solution to Address Duplicate Financing Fraud in Global Trade Finance Industry

MonetaGo, a Fintech-focused services provider, reveals that it has created a platform to address financing fraud in the trade finance sector on an international level. The trade finance industry has been impacted by duplicate financing fraud. In these types of cases, companies can acquire financing… Read More

New Cross-Border Payments Service Introduced by SWIFT for Low-Value Transfers Globally

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

Swift Go No Big Deal: VertoFX CEO

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

Norway’s Commercial Banking Applications Releases Updated Global Banking Factory Software

Norway’s software firm Commercial Banking Applications (CBA) reveals that it has released the latest annual version of its IBAS GBF – Global Banking Factory software to all clients. Notably,  the release has come more than three months ahead of schedule, which should allow for more… Read More

ICICI Bank Announces Collaboration With SWIFT to Offer Instant Facility For Cross-Border Inward Remittances

  India-based banking group ICICI Bank announced on Wednesday it has teamed up with SWIFT to offer a facility that helps overseas partner banks to send instant remittances on behalf of their customers to the beneficiary in India. ICICI Bank claims this makes it the first… Read More

Seamless Cross-Border Payments Now Supported by UAE Central Bank and SWIFT Collaboration

Earlier this week, the Central Bank of the United Arab Emirates (UAE) revealed that it had been working cooperatively with SWIFT, an international provider of secure bank-to-bank messaging services. SWIFT and the UAE reserve bank are reportedly working an initiative that will improve the speed… Read More

London based SETL, a Transaction Settlement Firm, Hires Former Ripple Exec Marjan Delatinne as New Head of Payments

London-headquartered SETL, a settlement and payments infrastructure provider, has reportedly hired Marjan Delatinne to serve on its executive management team as the company’s Head of Payments. Marjan will be responsible for further expanding SETL’s payments business, and also its market infrastructure and asset management products…. Read More

China: WeiyangX Fintech Review

SWIFT and the People’s Bank of China Digital Currency Research Institute Establish a Joint Venture Public records show that SWIFT has recently established a Financial Gateway Information Service Co., Ltd. in China with the People’s Bank of China Clearing Center and the People’s Bank of… Read More

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