Central Banking

Swift aims to cut cross-border frictions with predictive tool

Use of anonymised data can help spot errors in cross-border payments, Swift says

Real-time payment systems for the real world

Global payment messaging co-operative Swift is rolling out a new tool that it says will cut frictions in cross-border payments.

Payment pre-validation aims to avoid failed payments by checking the details of a payment before it is sent. Swift does this by tapping into anonymised data on 9 billion annual payment messages and 4 billion accounts.

Thomas Zschach, chief innovation officer at Swift, said the new system was possible because of the “unique perspective” the Belgium-based co-operative

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FedNow – at last

The instant payment system might help fix the US’s rusty payment rails, but it also faces competition, says Dave Birch

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