Global Payments Innovation Initiative
This session is about the recently launched global payments innovation initiative from SWIFT working in partnership with the industry. Designed to benefit the corporate treasurer, the new service will enable banks worldwide to join forces and dramatically improve the customer experience in cross-border payments. Increased speed, transparency and predictability of cross-border transactions are the core values of the new initiative.
The aim is initially addressing B2B cross-border payments through traditional corresponding banking that can be burdensome for corporates. The new initiative features four key enhancements:
· Same Day availability of Funds - Cross-border payments will appear in the seller’s account the same day the payment is processed
· Transparent and predictable fee structure - There will be no hidden fees that the treasurer does not know about. The amount that gets to the seller’s account should therefore be known and be reconciled right away.
· End-to-end tracking of payments - Through this initiative, banks have agreed to send back a confirmation to the buyer that the seller’s account has been credited. This should lead of less friction between buyers and sellers.
· Enhanced Remittance Information capabilities - SWIFT mentions that Extended Remittance Information will be sent unaltered to the receiver. There is no mention of a specific standard but it will be very helpful if corporates can include all the necessary remittance data along with the payment messages.
With this initiative SWIFT is adding a feature to the currently evolving faster payments landscape with a focus on cross border payments and harnessing innovation as part of the strategy. Learn about what this will mean to corporates and how to view the benefits.