Tagged: swift

August 23, 2023 @ 7:15 am By Omar Faridi  |  

Swift announced strong progress toward goals set by the G20 for enhancing cross-border payments, reporting that 89% of transactions processed on its network reach recipient banks within an hour. That’s ahead of speed targets “set by the Financial Stability Board to achieve one-hour processing for… Read More

July 21, 2023 @ 9:01 am By Omar Faridi  |  

Nexpay, a Lithuanian Electronic Money Institution (EMI) providing business banking solutions for digital companies, has announced its enhanced service offering by adding SWIFT payments in 23 currencies. This strategic move caters “to the evolving needs of digital businesses worldwide and advances Nexpay‘s ambition to bring… Read More

March 10, 2023 @ 8:26 am By Omar Faridi  |  

Swift announced further progress on its experimental solution for interlinking Central Bank Digital Currencies (CBDCs), reporting that 18 central and commercial banks found “clear potential and value” in the API-based CBDC connector after a comprehensive review. The cooperative “published the findings of the 12-week period… Read More

October 28, 2022 @ 1:25 pm By Omar Faridi  |  

SWIFT and MonetaGo have achieved an important milestone in the global fight against fraud and duplicate financing, “with the live launch of the Trade Financing Validation Service provided by MonetaGo over the global SWIFT network.” This is “the first third party service, in trade, available… Read More

October 6, 2022 @ 8:08 am By Omar Faridi  |  

SWIFT has reportedly shown that Central Bank Digital Currencies (CBDCs) and tokenized assets can “move seamlessly on existing financial infrastructure – a major milestone towards enabling their smooth integration into the international financial ecosystem.” The findings, from two separate experiments, “solve the significant challenge of… Read More

September 11, 2022 @ 10:23 pm By Omar Faridi  |  

Standard Chartered (LON: STAN) has completed an “industry-first” pilot testing of the Trade Financing Validation Service provided by MonetaGo over SWIFT, “to mitigate the risks of duplicate trade finance fraud on a global scale.” With a view to effectively detecting, deterring and preventing duplicate financing,… Read More

June 27, 2022 @ 9:21 am By Omar Faridi  |  

Impel and the XDC Network (XinFin) recently announced the launch of Impel, an alternative solutions platform for quickly and securely “sending ISO 20022-compliant financial messages.” It includes the option “to add $XDC as collateral for instant settlement and a bridge to the R3 Corda platform… Read More

May 27, 2022 @ 6:44 pm By Omar Faridi  |  

  SWIFT, in collaboration with Capgemini, is conducting new experiments to test how we can interlink domestic CBDCs and “take the next step towards seamless cross-border payments involving digital currencies.” Interest in Central Bank Digital Currencies (CBDCs) is “on the rise.” A report from the… Read More

April 29, 2022 @ 8:18 am By Omar Faridi  |  

EBA CLEARING, SWIFT and The Clearing House (TCH) announced that they intend to introduce a pilot service for “immediate” cross-border (IXB) payments “with the support of banks from both sides of the Atlantic.” The pilot service “is scheduled to begin by the end of this… Read More

February 27, 2022 @ 4:43 pm By JD Alois  |  

While the humanitarian crisis grows in Ukraine and Russia’s unprovoked war rages on, the European Union (EU) announced that selected Russian banks have been removed from the SWIFT messaging system. While the names of the bank were not immediately available, any on the list will… Read More

February 26, 2022 @ 5:02 pm By JD Alois  |  

The Society for Worldwide Interbank Financial Telecommunication or SWIFT, is in the news quite a bit as of late as discussions are ongoing as to whether Russia should be disconnected from the platform following its unprovoked invasion of Ukraine and ongoing war terrorizing the country…. Read More

December 23, 2021 @ 10:43 am By Omar Faridi  |  

Working with Clearstream, Northern Trust, SETL and others, SWIFT plans experiments in Q1 2022 in order to “explore how it can support interoperability in the development of the tokenized asset market.” Relative to digital currencies and stablecoins, the current market cap of tokenized assets is… Read More

October 10, 2021 @ 7:04 pm By Omar Faridi  |  

UniCredit and J.P. Morgan (NYSE: JPM) have teamed up for the SWIFT Go project – a transformative new service that “enables small businesses and consumers to send fast, highly secure, and competitively priced low-value cross-border payments anywhere in the world.” As mentioned in the announcement:… Read More

September 14, 2021 @ 11:51 am By Omar Faridi  |  

DBS (SGX:D05) has introduced real-time online tracking of cross-border collections for companies in India through a partnership with SWIFT Global Payments Innovation (gpi). DBS is reportedly first bank in India and the Asia-Pacific region to provide this service to customers, which should benefit around 4,000… Read More

September 14, 2021 @ 11:23 am By Omar Faridi  |  

MonetaGo, a Fintech-focused services provider, reveals that it has created a platform to address financing fraud in the trade finance sector on an international level. The trade finance industry has been impacted by duplicate financing fraud. In these types of cases, companies can acquire financing… Read More

July 29, 2021 @ 2:01 am By Omar Faridi  |  

SWIFT reveals that it has launched SWIFT Go, a service that enables small businesses and consumers to send “fast, predictable, highly secure, and competitively priced low-value” cross-border payments across the globe. Payments may be sent directly from users’ bank accounts. Seven international banking institutions, which… Read More

July 28, 2021 @ 1:19 pm By Tony Zerucha  |  

The recent news that Swift is launching Swift Go, a low-value, cross-border payment may not be as monumental as it seems, the founder of global B2B payment provider VertoFX believes. In an announcement yesterday, Swift said the new service would enable financial institutions to offer… Read More

July 14, 2021 @ 8:04 am By Omar Faridi  |  

Norway’s software firm Commercial Banking Applications (CBA) reveals that it has released the latest annual version of its IBAS GBF – Global Banking Factory software to all clients. Notably,  the release has come more than three months ahead of schedule, which should allow for more… Read More

June 3, 2021 @ 7:56 am By Samantha Hurst  |  

  India-based banking group ICICI Bank announced on Wednesday it has teamed up with SWIFT to offer a facility that helps overseas partner banks to send instant remittances on behalf of their customers to the beneficiary in India. ICICI Bank claims this makes it the first… Read More

May 9, 2021 @ 2:34 pm By Omar Faridi  |  

Earlier this week, the Central Bank of the United Arab Emirates (UAE) revealed that it had been working cooperatively with SWIFT, an international provider of secure bank-to-bank messaging services. SWIFT and the UAE reserve bank are reportedly working an initiative that will improve the speed… Read More