GPI, which allowed payments to be tracked end to end and introduced transparency on fees, was introduced more than a year ago and is being used in more than 50 per cent of Swift’s payments.

SWIFT developed the Payment Pre-validation service in close cooperation with financial institutions, and a number of major global banks have already signalled their commitment to the service.

The new process is expected to have a major role in Swift's ongoing development of an instant payment platform. “Pre-validation is an important step in helping corporates to make simpler, faster and ...

The new Swift partnerships come at almost the same time as U.K. fintech Revolut introduced a tagging service to streamline cross-border B2B payments, joining other firms that are using a wide ...

Most cross-border payments are already compliant with the new standard, Swift said. ISO 20022 provides a structure for payments to automatically match transactions with invoices, cutting down on ...

According to SWIFT, its SWIFT gpi currently enables over $300 billion-worth of payments every day, with over 50 percent of its cross-border payments made in less than 30 minutes. RELATED COVERAGE ...

While Swift is bullish on its explorations of blockchain, it has sidestepped the tech in its new cross-border payments service, unveiled today. BTC $76,403.90-6.71 % ETH $1,496.24- ...

The companies are proving out a Microsoft Azure cloud-based solution for payments transfers conducted on the SWIFT network.