SWIFT initiative focuses on B2B cross-border payments

December 15, 2015

NEW YORK (12/15/15)--SWIFT has announced a global payments innovation initiative to improve the consumer experience in correspondent banking by increasing the speed, transparency and predictability of cross-border payments.

The new initiative was created in partnership with the payments industry and will focus on business-to-business payments service. It is anticipated to be supported by participating financial institutions in early 2016.

The new service will allow businesses to receive enhanced payments services directly from their financial service providers, which include these features: same-day use of funds, transparency and predictability of fees, end-to-end payments tracking and the transfer of rich payment information.

SWIFT is a member-owned cooperative that provides a communications platform, and products and services to connect more than 10,800 banking organizations, securities institutions and corporate customers in more than 200 countries and territories.