CareCredit - Women's Health April 2024

Numeral Expands Payment Infrastructure to Include Support for Swift

Swift

Payment technology provider Numeral has launched support for Swift payments.

This move enables Numeral’s customers to benefit from both Swift’s global reach and local payment schemes’ speed, lower cost and local reach, the company said in a Thursday (Feb. 22) press release.

With Numeral’s addition of Swift, companies and financial institutions can automate cross-border payments with their partner banks to more than 200 countries and local European SEPA, U.K. Bacs, FPS and CHAPS payments — all from a single platform, according to the release. 

“At Numeral, we enable any company processing large volumes of payments to build the perfect payment infrastructure for its specific needs on top of the partner banks of its choice,” Édouard Mandon, co-founder and CEO at Numeral, said in the release. 

Numeral’s capabilities for Swift payments include sending and receiving Swift payments through partner banks; automatic reconciliation of Swift payments with corresponding bank account transactions; and programmatic access to currency account statements, according to the release.

“Numeral will pursue this more global, more local strategy in the future,” Mandon said in the release. “We aim to support more European payment schemes and integrate with more European banks while adding more global payment options to our platform through global networks like Swift and global banks like J.P. Morgan, BNP Paribas and HSBC.”

The support of Swift joins Numeral’s other capabilities, which include payments, reconciliations, treasury, and risk and fraud management, per the release. Its solutions are designed to accelerate customers’ ability to launch new products and expand geographically.

In another recent development around Swift payments, financial platform Statrys said in November that it introduced a Swift Payment Tracking feature that enhances global business transactions.

The Statrys tool allows real-time tracking of cross-border payments, offering businesses speed, transparency and control in their financial operations. 

In October, global payments and financial services technology solutions provider Fiserv expanded its longstanding partnership with Swift to improve the speed and visibility of cross-border payments.

By joining the Swift Partner Programme as a Platform Partner, Fiserv enhanced support for Swift GPI (Global Payments Initiative) for its client financial institutions and added application programming interface connectivity for cross-border payments.