Articles from Swift

Groundbreaking experiments led by Swift have demonstrated the potential impact AI and secure cross-border data collaboration could have on reducing fraud levels in international payments.

Swift today named host cities for its global flagship event, Sibos, up until the end of the decade, and announced an expansion of the premier financial conference to strengthen financial inclusivity for growing economies across Asia, the Middle East, Africa and Latin America.

Swift today published new data which reveals continued progress towards meeting the G20’s goal for the speed of cross-border payments, reporting that 90% of cross-border payments made over the Swift network reach the destination bank within an hour. Swift’s data shows that the speed of processing transactions to all but two of the top 40 countries on its network - by volume of payments received - continues to be above the G20’s target of one-hour end-to-end processing for 75% of international payments by 2027, while international payments to six regions are settling in the customer’s account more quickly than they were a year ago.

Swift today announced that it is rolling out new AI-enhanced fraud detection to help the global payments industry step up its defence as bad actors grow increasingly sophisticated. Available from January 2025, the service is the result of extensive collaboration with banks from around the world and a successful pilot earlier this year.

Central and commercial banks will be able to use the Swift network to carry out trial transactions of digital currencies and assets, in expansive pilots that seek to demonstrate the cooperative’s ability to facilitate the flow of all kinds of value between more than four billion accounts across 200 countries and territories.

Swift has today announced two AI-based experiments in collaboration with its member banks, to explore how the technology could assist in combatting cross-border payments fraud and save the industry billions in fraud-related costs.

Swift has today set out plans to help financial institutions streamline the cross-border payments experience for their corporate customers, by extending ISO 20022 across the entire payment chain and giving banks ready-to-use, white-labelled tracking services that can be activated for customers at the click of a button.

Swift today announced the findings of the second phase of industry-wide sandbox testing on its central bank digital currency (CBDC) interlinking solution, with the results showing that its connector can enable financial institutions to carry out a wide range of financial transactions using CBDCs and other forms of digital tokens, easily incorporating them into their business practices.

Swift has entered a new phase of its breakthrough work on Central Bank Digital Currency (CBDC) interoperability, announcing that three central banks are beta testing its innovative solution for interlinking CBDCs, while 30 financial institutions are experimenting with the solution in a new sandbox to explore further use cases.

Swift today released results from a new series of experiments that show its infrastructure can seamlessly facilitate the transfer of tokenised value across multiple public and private blockchains. The findings have potential to remove significant friction slowing the growth of tokenised asset markets and enable them to scale globally as they mature.

Swift today 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.

Swift today 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.

SWIFT has successfully shown that Central Bank Digital Currencies (CBDCs) and tokenised assets can move seamlessly on existing financial infrastructure – a major milestone towards enabling their smooth integration into the international financial ecosystem.

SWIFT today announces the successful pilot of SWIFT Securities View, a new capability that significantly increases transparency in post-trade processing and helps prevent costly settlement fails. The new service, which will be available for broad adoption in 2023, addresses one of the biggest challenges in the securities industry.

A year after sharing a bold vision to enable instant and frictionless transactions from one account to another anywhere in the world, SWIFT today underlines major progress in realising this vision in 2021. SWIFT has delivered on many commitments, including transforming the speed and transparency of low-value payments, removing key frictions by validating payments upfront, and delivering tools for banks to rapidly benefit from rich data in a multi-format environment. SWIFT has also been strongly engaged in experiments to integrate CBDCs and new digital assets into cross-border flows, as well as innovative proofs of concept demonstrating the real-time interlinking of MIs.

SWIFT today announces that 100 banks around the world have signed up for SWIFT Go since it went live in July, underscoring strong demand for the service that enables small businesses and consumers to send fast, predictable, highly secure and competitively priced low-value cross-border payments from their bank accounts. Ten banks are already live with SWIFT Go, most recently Deutsche Bank, JPMorgan Chase, and China Minsheng Bank, representing 41 million low-value cross-border payments a year.

SWIFT today announces the launch of SWIFT Go, a transformative new service that enables small businesses and consumers to send fast, predictable, highly secure, and competitively priced low-value cross-border payments anywhere in the world, direct from their bank accounts. Seven global banks, which collectively handle 33 million low-value cross-border payments per year, are already live with the service.

SWIFT today announced the go-live of a service that will enable banks to verify payee account details before an international payment is sent, removing a key point of friction in cross-border transactions. The new Payment Pre-validation service is a core building block in SWIFT’s strategy to drive instant and frictionless transactions worldwide.

Six leading global banks today announced their endorsement for SWIFT’s new transaction management platform and are preparing to use its expanded capabilities to enable new services, improve efficiency and reduce costs when the platform goes live in November 2022.