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New SWIFT, New Tricks
For almost half a century, SWIFT has been the go-to transaction messaging service for financial institutions across the globe, and with the introduction of real-time cross-border payments and ISO 20022, that is not going to change.
In this exclusive interview, we catch up with SWIFT Managing Director and Head of Innovation, Nick Kerigan, and discuss the company’s role in the modern world of banking and their new platform, the Transaction Manager.
“SWIFT GPI gave people more certainty about the spread of payment, and about where a payment was at any stage and time”
“We’ve seen considerable strides in this space in the last few years. SWIFT GPI being one example that gave people more certainty about the spread of payment, and more certainty about where a payment was at any stage and time.”
In this new world, with the accessibility afforded by ISO 20022, SWIFT aims to make cross-border payments instant and frictionless. With richer and more structured data, individual payments are more likely to arrive and less likely to be stopped along the way, thus financial services being able to curate better services for businesses and customers. Through SWIFT’s Transaction Manager, CBP will be even more efficient through straightforward end-to-end processing.
“It’s an industry on the move, and moving a whole industry doesn’t happen overnight. But we’re moving in a powerful direction to deliver on the expectations that everyone has for cross-border payments.”
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