Transparency and predictability of fees.
Designed to help corporates grow their international business, improve supplier relationships, and achieve greater treasury efficiencies the initiative will enable corporates to receive an enhanced payments service directly from their banks, with the following key features: In its first phase, the new service will focus on business-to-business payments. Together with the industry, Swift has created a new service level agreement (SLA) rulebook, providing an opportunity for smart collaboration between banks. The vision of the global payments innovation initiative is to enhance cross-border transactions by leveraging Swift’s proven messaging platform and global reach. More banks are expected to join this initiative in the coming months.Ĭhristian Sarafidis, Chief Marketing Officer at Swift, said: “Such strong participation from major banks all around the world is proof of the importance of this global payments innovation initiative and of their commitment to offering greater speed, transparency and predictability in cross-border payments.” The 45 participating firms include major transaction banks from Europe, Asia Pacific, Africa and the Americas. Brussels, 21 January 2016 – Swift announces that 45 leading banks have signed up to its global payments innovation initiative, announced at the end of December 2015.
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