Six global banks have confirmed their preparations for SWIFT’s new platform for international payment flows, said the co-operative recently.
The six banks are Bank of China, Bank of New York Mellon, BNP Paribas, Citi, Deutsche Bank, and Standard Chartered Bank.
According to SWIFT, the new platform will go live in November 2022.
New features – including upfront validation of beneficiary details, central management of exceptions, extension of SWIFT’s high-speed gpi rails to lower-value payments and new rich data services based on the ISO 20022 standard – will serve as the building blocks of the enhanced platform, the co-operative noted.
These are integral components of SWIFT’s strategy to facilitate instant and frictionless end-to-end transactions anywhere in the world, the co-operative added.
The platform evolution builds on extensive work by the SWIFT community in the past five years to transform cross-border payments, SWIFT said.
Through gpi, most cross-border payments today reach end beneficiaries within minutes with full transparency and confirmation when the payment reaches its final destination, the organisation noted, adding that the network now connects more than 11,000 institutions, and 4 billion accounts across 200 countries worldwide.