SWIFT has today released a landmark paper, \u201cPayments: looking to the future\u201d, in which the global co-operative articulates the future of cross-border payments. With the increase in cross-border flows, new technology enabling dramatic improvements and end-customers demanding a better customer experience, SWIFT is setting out its views on the future of cross-border payments in order to support the community. <\/p>\n
SWIFT\u2019s view of the future is deceptively simple: to make cross-border payments real-time, 24\/7 and as seamless, convenient, cost-efficient and accessible as domestic payments. <\/p>\n
The paper lays out the elements and dynamics supporting the revolution in international payments, including:<\/p>\n
A core infrastructure, that responds to the challenge of bridging the \u2018closed loops\u2019 of individual payments systems and securely unlocks value across borders, supporting trade and economic growth<\/p>\n
The widespread adoption of SWIFT gpi, which will be the universal standard by 2020, making every cross-border payment fast, transparent, traceable and truly global \u2013 unlocking value from every account, to every account<\/p>\n
A hyper-connected future, in which gpi-enabled banks are the bridges between real-time domestic payments infrastructures, enabling instant cross border payments to move seamlessly and safely across borders via SWIFT<\/p>\n
Smarter payments which utilise superior data and the power of AI and machine learning for effective and efficient financial crime compliance and to eliminate the hold-ups and bottlenecks caused by missing or incorrect information <\/p>\n
Modern, open, globally adopted standards, which allow smaller markets to internationalise faster and larger markets to fluidly transfer value through the entire payments chain <\/p>\n
Further embracing new technologies that serve a real purpose to resolve industry problems through the deployment of cutting edge technology<\/p>\n
A vibrant and innovative ecosystem, with API technologies supporting open, agile architectures that allow fintechs to offer value-add services and banks to differentiate themselves by layering services and products <\/p>\n
Payments are not an end in themselves \u2013 they exist to enable investment, trade and commerce. By laying out this industry roadmap, SWIFT aims to galvanise the global payments community \u2013 market infrastructures, banks and fintechs \u2013 to collaborate and help drive progress, ensuring cross-border payments better serve market needs.<\/p>\n","protected":false},"excerpt":{"rendered":"
SWIFT has today released a landmark paper, \u201cPayments: looking to the future\u201d, in which the global co-operative articulates the future of cross-border payments. With the increase in cross-border flows, new technology enabling dramatic improvements and end-customers demanding a better customer experience, SWIFT is setting out its views on the future of cross-border payments in order […]<\/p>\n","protected":false},"author":10,"featured_media":9023,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_meta-robots-noindex":"1","_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_pr_autopilot_social_copy":"","_yoast_wpseo_opengraph_title":"","_yoast_wpseo_opengraph_description":"","_yoast_wpseo_opengraph_image":"","_yoast_wpseo_opengraph_image_id":0,"_yoast_wpseo_twitter_title":"","_yoast_wpseo_twitter_description":"","_yoast_wpseo_twitter_image":"","_yoast_wpseo_twitter_image_id":0,"_yoast_wpseo_primary_category":0,"_extra_hide_author_box":"","_extra_featured_post":"","_partner_post_id":0,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-11278","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","et-has-post-format-content","et_post_format-et-post-format-standard"],"yoast_head":"\n