Central Banking

Large global banks sign up to new Swift platform

Payments consortium says new system will facilitate seamless transactions

The payments consortium Swift announced six large global banks have signed up to use its new transaction management platform when it launches in 2022.

In a statement today (June 24), Bank of China, Bank of New York Mellon, BNP Paribas, Citi, Deutsche Bank and Standard Chartered announced they were preparing for the system.

Swift first announced the upgrade in September 2020. At the time, the consortium said the new platform would enable “seamless transactions from one account to another anywhere in the world with end-to-end transparency and predictability”.

The new platform builds upon Swift’s GPI network which allows cross-border payments to be made within minutes. Currently more than 11,000 institutions in over 200 jurisdictions use the network.

The new platform will expand the GPI system to lower-value payments, Swift said today. It will also provide users with “upfront validation of beneficiary details” and “rich data services” based on the messaging system, compliant with the ISO2022 standard.

Swift previously announced the new platform would use application program interfaces and cloud technology. It said the platform would provide “a set of common processing services that banks have historically invested in individually, saving the industry time and money”.

Pierre Fersztand, global head of cash management, trade and payments at BNP Paribas, said Swift’s new platform would help the banking industry “meet the demands of the modern era”.

Banks will be able to use the “enhanced features and more robust data and analytics to accelerate their own digital transformation”, he said.

Paul Camp, chief executive of treasury services as Bank of New York Mellon, said unlocking the value of payments data would bring “significant” value to the bank and help it provide better services to its customers.   

Swift also said the new platform would be interoperable with new payment types, as well as emerging technologies.

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