Fintech News

DECEMBER 10, 2023

The Reserve Bank of India (RBI) has initiated discussions with the Hong Kong Monetary Authority (HKMA) , the US Federal Reserve, and the international payment platform SWIFT to explore the use of central bank digital currencies (CBDCs) for cross-border payments.

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Fintech Finance

MAY 17, 2024

PayDo , a leading Electronic Money Institution, proudly announces the expansion of its SWIFT service capabilities to include 11 new currencies. This strategic enhancement enables PayDo to offer more versatile and inclusive financial services across global markets.

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Fintech Finance

OCTOBER 22, 2024

Key features of Keabank’s Payment Intelligence Service include: Comprehensive Currency Support: Access to SWIFT, SEPA, and crypto channels, along with FX capabilities and tailored IBAN solutions. With these licensing efforts, Keabank is poised to provide localized financial services while building resilient global payment networks.

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PYMNTS

OCTOBER 7, 2020

Oracle Banking Payments announced Wednesday (Oct. 7) that it is supporting SWIFT ’s latest service to speed effortless global cross-border payments for small- and medium-sized business (SMBs) and consumer markets. “We Oracle and SWIFT share a history of collaboration. The subsidiary of Oracle Corp.

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PYMNTS

DECEMBER 28, 2020

Digital currencies could render the SWIFT global payments network unnecessary, RT.com reported, citing the Central Bank of Russia (CBR). In this case SWIFT it may not be necessary, because it will be a different kind of technological interaction,” Skorobogatova said during a virtual meeting, per RT.com.

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Fintech Finance

OCTOBER 21, 2024

Over the past year Wise Platform , Wise’s global payments infrastructure for banks, financial institutions and larger enterprises, has further enhanced its product suite for partners and significantly expanded its global regulatory footprint.

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Fintech Finance

MAY 30, 2024

Swift has today announced two AI-based experiments in collaboration with its member banks, to explore how the technology could assist in combatting cross-border payments fraud and save the industry billions in fraud-related costs. That’s an incredibly exciting prospect, but one that will require strong collaboration.

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Payments Source

FEBRUARY 25, 2021

The payments division of Western Union has integrated with the Swift Global Payment Initiative for faster transfers, and has added international currency options.

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PYMNTS

DECEMBER 2, 2020

Belgium-headquartered payments solution provider SWIFT is introducing a new service for real-time cross-border payments and transfers called gpi Instant. He added that SWIFT’s gpi Instant targets four main issues: “speed, security, transparency and compliance.” Global payments routed to the U.K.

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The Paypers

SEPTEMBER 19, 2023

Revolut has launched RevTags, a global payments solution addressed to businesses with the goal of disrupting SWIFT.

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PYMNTS

SEPTEMBER 17, 2020

SWIFT , a global provider of secure financial messaging services, announced Wednesday (Sept. SWIFT said its platform will improve interactions between financial institutions, optimize speed and provide transparency and predictability from one account to another anywhere.

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Payments Source

FEBRUARY 11, 2021

Pelican, a provider of payments and artificial intelligence technology, is supporting Swift's development of a new service for low-cost cross border payments across its Global Payments Initiative and high-speed rails.

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Payments Source

DECEMBER 2, 2020

After tests with several banks that established Swift's ability to connect its Global Payments Initiative faster payments rail to domestic networks, the financial and messaging standards organization is activating the service in the U.K.

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The Fintech Times

AUGUST 8, 2024

” Implementing Confirmation of Payee in Australia In March 2024, Swift , the global payment messaging network, revealed that it had been selected by Australian Payments Plus to build confirmation of payee, to provide Australians with more confidence when sending money.

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PYMNTS

JULY 29, 2020

and China heating to a boil, one of China’s top banks is urging financial institutions (FIs) to cut their use of the SWIFT financial messaging network for cross-border transactions. adopting measures such as locking Chinese banks out of SWIFT, Reuters reported. With the economic and political battles between the U.S.

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PYMNTS

OCTOBER 6, 2016

SWIFT’s year has been filled with controversy, the apex of which occurred when reports surfaced that cyberthieves infiltrated Bangladesh Bank via the SWIFT messaging system in February, resulting in $81 million stolen from the bank’s account at the New York Federal Reserve. Among its criticisms was a lack of speed.

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Fintech Finance

OCTOBER 17, 2024

Broadridge’s Instant Payments Service utilises the Swift Alliance Gateway Instant (AGI), which offers a highly resilient infrastructure designed specifically to support instant payments messages, connecting with SwiftNet Instant to offer 24/7 availability and continuous and efficient exchange of instant transactions.

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Payments Source

APRIL 5, 2016

Swift is moving into the testing phase of its global payments initiative, saying 21 banks have started a pilot for clearer communication amongst banks making and accepting cross-border payments.

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Fintech News

OCTOBER 21, 2024

Global payments company Thunes has launched a new service that enables banks to send payments directly to mobile wallets worldwide. This eliminates the need for separate technical integration and allows for faster, more transparent cross-border payments.

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Payments Source

SEPTEMBER 23, 2019

Two months after a successful test to connect banks using the Global Payments Innovation service to faster payments rails in Singapore, Swift is launching a new service to connect with other domestic real-time payments systems.

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Fintech Finance

FEBRUARY 5, 2024

Airwallex , a leading global payments and financial platform for modern businesses, today announced a multi-year partnership with the McLaren Formula 1 team , one of the sport’s most iconic brands.

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PYMNTS

AUGUST 12, 2020

AscendantFX Capital , which works in technology-based payment innovations, has joined the SWIFT Network for the benefits it offers, including better transparency and faster payments, the company announced in a Wednesday (Aug. SWIFT gpi’s technology is revolutionary for the payments industry and gives power back to the customer.”

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Payments Source

MAY 21, 2019

Seven European banks are testing Swift's Global Payments Innovation real-time cross-border payments through the continent's Target Instant Payment Settlement process.

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Fintech Finance

MARCH 26, 2024

Tom Zschach, Chief Innovation Officer at Swift, said: “Swift is a community – a convener of and for our industry – and I’m delighted that we’ve been able to facilitate these critical innovation experiments and show that institutions can continue to use much of their existing infrastructure alongside new, innovative technologies.

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Payments Source

MARCH 12, 2019

Ideally, Swift would like to see its worldwide bank network fully adopt its Global Payments Innovation initiative as well as the ISO 20022 messaging standard for cross-border payments.

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PYMNTS

MARCH 16, 2020

Cross-border payments via Swift’s ISO 20022 migration, originally set to roll out by November 2021, have now been set back a year and are expected to come by the end of 2022 instead, according to reports. ISO 20022 is set to make changes to the payment landscape as a whole, according to the company.

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Payments Source

DECEMBER 27, 2018

The financial services and payments industries are aggressively trying to replace older systems with sleeker technology, but Swift has a separate goal in mind with the Global Payments Innovation system, or GPI.

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Payments Source

JUNE 28, 2019

Naval Group, an international technology company specializing in naval defense systems, is among the first to complete a cross-border payment through Swift's global payments innovation early adopter program.

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PYMNTS

SEPTEMBER 9, 2019

David Watson, the former managing director and head of cash management for Deutsche Bank in the Americas, as well as the head of global digital cash products, has joined SWIFT as the new strategic relationship director in North America, according to a release. He has also been a member of TCH’s Company Board since 2017.

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Payments Source

DECEMBER 5, 2018

Fifteen major banks will test Swift's pre-validation service for Global Payments Innovation transactions, focusing on quickly identifying and eliminating errors or omissions in payment messages.

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Payments Source

APRIL 9, 2019

National Australia Bank is utilizing the end-to-end transaction tracking system through Swift's Global Payments Innovation system, making it the first bank in Australia to allow business customers to track international payments through one click on an account platform.

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Finextra

APRIL 26, 2024

Moderating her last panel of the day, Finextra’s head of content Madhvi Mavadiya discussed Confirmation of Payee (COP) with Christina Fransson, senior payment product specialist of FIS in EMEA, Greg Huguet, European regional director at iPiD, Paulina Kudlacik, Confirmation of Payee scheme manager at the Nordic Payments Council, and Richard Ross, global (..)

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Payments Source

AUGUST 30, 2018

About half of Swift Global Payments Innovation transactions are credited within 30 minutes, many within seconds.

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PYMNTS

MARCH 21, 2019

SWIFT announced Thursday (March 21) that six Spanish banks, representing 85 percent of the cross-border payments market in Spain, have adopted SWIFT global payments innovation or gpi. SWIFT gpi enables banks to conduct end-to-end tracking of the cross-border payment.

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The Fintech Times

OCTOBER 19, 2024

Through its new Instant Payments Service, Broadridge supports real-time money transfers, operating constantly, with transaction processing times of under 10 seconds from payer to beneficiary. ” The post New Broadridge Financial Solutions Service Enables Businesses to Benefit From Instant Payments appeared first on The Fintech Times.

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PYMNTS

APRIL 9, 2018

SWIFT ’s global payments initiative (gpi) service has a new bank on board. Reports on Friday (April 6) in WebIndia123 said ICICI Bank is the first in India to join and roll out the global payments service. ICICI, along with Axis Bank, were the first banks in India to join SWIFT’s gpi.

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PYMNTS

OCTOBER 7, 2019

First Investment Bank ( Fibank ) is the first Bulgarian bank to offer the SWIFT Global Payment Initiative (gpi), according to a press release. SWIFT data shows that about 36 percent of gpi transfers reach their destination within 5 minutes. About 53 percent reach in an hour, and 96 percent reach the same day.

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