Swift’s global payments innovation initiative, which aims to improve the efficiency of cross-border transactions, has already gathered 45 bank members since its launch a month ago.
In its first phase, the service, which will be implemented directly through each bank, will focus on business-to-business payments to help corporates grow their international business, improve supplier relationships, and achieve greater treasury efficiencies. Its key features are: same-day use of funds, transparency and predictability of fees, end-to-end payment tracking, and transfer of rich payment information.
Swift consulted the industry to create a new service level agreement (SLA) rulebook, and the pilot of the new initiative will start from early 2016.
Wim Raymaekers, head of correspondent banking at Swift, says: “Designed for the corporate treasurer, this initiative will enable banks to dramatically improve their customers’ cross-border payments experience. Leveraging Swift’s global community and the innovative application of its proven technology, the new service should find rapid adoption and make a hugely positive impact on the global payments landscape.”
The banks that have signed up for the initiative are: ABN Amro, ANZ, BBVA, Bank of America Merrill Lynch, Bank of China, Bank of New York Mellon, Bank of Tokyo-Mitsubishi UFJ, Banco Santander, Barclays, BNP Paribas, Citibank, Commerzbank, Credit Suisse, Danske Bank, DBS Bank, Deutsche Bank, Ecobank, FirstRand Bank, HSBC, Industrial and Commercial Bank of China, ING, Intesa Sanpaolo, JP Morgan, KBC Bank, KEB Hana Bank, Lloyds Banking Group, Maybank, Mizuho Bank, National Australia Bank, Natixis, Nordea, Oversea-Chinese Banking Corporation, Raiffeisen Bank International, RBC Royal Bank, Royal Bank of Scotland, Sberbank, SEB, Société Générale, Standard Chartered, Sumitomo Mitsui Banking Corporation, TD Bank, UBS, UniCredit, United Overseas Bank and Wells Fargo.
More banks are expected to join this initiative in the coming months.
Christian Sarafidis, chief marketing officer at Swift, says: “Such strong participation from major banks all around the world is proof of the importance of this global payments innovation initiative and of their commitment to offering greater speed, transparency and predictability in cross-border payments.”