Global banking network SWIFT is closing 2021 by highlighting its progress toward enabling cross-border frictionless transactions and looking ahead to 2022 as it sets the stage for accelerated adoption, according to a press release.
“This past year, SWIFT helped lay the groundwork for the transformation of cross-border payments in 2022,” said Bank of America Global Head of Strategy and Payments and Global Transaction Services David Kretz in the release. “The migration to ISO 20022 in particular will enhance the quality of data within payments messages. This will allow more consistent processing across global clearings and create opportunity for improved efficiency and insights for both corporate and financial institution users.”
See also: SWIFT Intros Fast Cross-Border Payment Service
SWIFT accomplished many of its goals this year, including overhauling the speed and transparency of low-value payments and getting rid of central frictions by validating payments in advance, the release stated. Integrating central bank digital currencies (CBDCs) and other digital assets into cross-border flows was also top of mind in 2021.
SWIFT Go, rolled out in July, enables banks to offer their end customers a “fast, predictable and highly secure payments experience with upfront visibility on processing times and costs.” The service will be accelerated in 2022, according to the release.
Another innovation, payment pre-validation, which gets rid of payee information inaccuracies — one of the most frequent reasons international payments are stalled — enables the verification of account information to catch errors like transposed numbers or other typos. In the first half of next year, the service “will be powered by sophisticated predictive analytics to further boost coverage and accuracy,” the release stated.
“We’re pleased to see SWIFT focusing on the transformation of underlying infrastructure for global money movement, aligning with the financial industry’s expectation for continued innovation and digitalization,” said Onyx by J.P. Morgan CEO Umar Farooq in the release.
Read also: Verto, Banking Circle Partner on International Payments
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