6 Leading Banks Back SWIFT's New International Payments Platform
The banks include Citi, Bank of China, BNP Paribas and Deutsche Bank.
Jun 24, 2021 at 11:10 a.m. UTCUpdated Aug 21, 2021 at 7:00 p.m. UTC
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Six of the world's biggest banks endorsed a new platform for international payments set for launch in November 2022 by SWIFT, the global interbank messaging network.
- Citi, Bank of China, BNP Paribas, Deutsche Bank, BNY Mellon and Standard Chartered plan to use the new platform, an announcement Thursday said.
- SWIFT is a global messaging network connecting banks and other financial institutions for cross-border payments. It links more than 11,000 institutions, and in June alone has transmitted more than 350 million messages containing financial information.
- The new platform is set to include features such as upfront validation of beneficiary details, extension of SWIFT's high-speed system to lower-value payments and incorporation of the universal messaging standard for international payments, ISO 20022.
- There have been suggestions that SWIFT could be made redundant by growth in use of digital currency – be it crypto, stablecoins or central bank digital currencies.
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