Recent banks to join the initiative include, Alfa-Bank, Axis Bank, Banco de Crédito del Peru, Banco do Brasil, Bangkok Bank, Bank of Nova Scotia, Banque Européenne d’investissement, CaixaBank, Canadian Imperial Bank of Commerce, Credit Agricole, CTBC Bank, E.Sun Commercial Bank, Fifth Third Bank, ICICI Bank, Itaù Unibanco, Mashreq Bank, Promsvyazbank, Rabobank, Svenska Handelsbanken, Swedbank, TMB Bank and US Bank.
Wim Raymaekers, Global Head of Banking Market and project lead for this initiative at SWIFT, states: “Together, they do nearly 75% of all cross-border payments on the SWIFT network. We welcome additional banks to join this open 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. Banks in the initiative will improve payments for their corporate clients with same day use of funds, transparency of fees, tracking, and transfer of payment information.
SWIFT is developing a database ‘in the cloud’ hosted at SWIFT, to give 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. Early results from the pilot will be presented at Sibos, SWIFT’s annual financial services event, in September 2016, with the go-live planned for early 2017.
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