Swift Secures Over 70 Worldwide Banks in Global Payments Initiative

SWIFT, a provider of secure financial messaging services, announced today that it has signed up 73 banks to its global Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term innovation initiative, with the aim of improving the cross-border payments experience.

Last month, the company rolled out a customer security program designed to help reinforce and foster secure and transparent measures across its international network.

As a part of its new initiative, banks will enhance their approach to cross border payments and follow a set of strict business rules designed by SWIFT in collaboration with participating banks.

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Banks in the initiative will be able to give their corporate clients a dramatically improved payment experience, with same day use of funds, transparency of fees, end-to-end tracking, and transfer of rich payment information.

Banks in the initiative will be able to give their corporate clients a dramatically improved payment experience.

Wim Raymaekers, Global Head of Banking Market and project lead for this initiative at SWIFT, commented: "It's great to see so many banks from all corners of the globe participating in SWIFT's global payments innovation initiative. Together, they do nearly 75% of all cross-border payments on the SWIFT network."

Cloud Cloud The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc Read this Term-Based Database

To enable the end-to-end tracking, SWIFT is developing a database 'in the cloud' hosted at SWIFT, to give end-to-end visibility on the status of a payment transaction, from the moment it is sent until it is confirmed - similar to tracking services provided by international shipping companies.

The first phase of the initiative is underway with a pilot focused on business-to-business payments and the go-live planned for early 2017.