SWIFT has launched a global payments innovation initiative pilot participating with 51 banks including BNY Mellon, Bank of America Merrill Lynch, Wells Fargo, the Bank of China and Standard Chartered. The initiative is aimed at improving the speed, transparency and predictability of cross-border payments. The participating banks will create a new service level agreement rulebook for smart collaboration. The first phase of the initiative, which will run through December, will focus on business-to-business payments, helping corporates to improve relationships with suppliers and to grow their international business. Better payments services will include same-day use of funds, better transparency and predictability of fees, end-to-end payment tracking and easier transfer of information. SWIFT banking market global head and project lead for the initiative Wim Raymaekers said the tight-knit group of leading banks will help to spearhead the testing through the pilot and beyond. The banks’ commitment is testament to the initiative and the joint ambition to significantly improve the cross-border payments experience for corporate customers, he said.
