The introduction of the new service "Swift" for innovation in global payments

by **Rocky** Thu Feb 16, 2017 7:26 am

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The introduction of the new service "Swift" for innovation in global payments

by Rocky Thu Feb 16, 2017 7:26 am

The introduction of the new service "Swift" for innovation in global payments

2017/02/16 | 13:10

(Encyclopedia of the Day News | Iraq News ) - The "Swift" Today , the international banks began to work to serve the new "Swift" for innovation in global payments (global payments innovation (gpi) service ) in banking transactions, which was launched in January 2017 to complete the instant payments around the world.

It uses all of the bank , "ABN AMRO" and the Bank of China, "BBVA" and "City" and "Danske Bank" and "DBS Bank" and "Industrial and Commercial Bank of China" and "ING Bank" and "Gntesa Sanpaolo" and "Nordea" and "Standard Chartered Bank" and "Unicredit" "Swift" service for new innovation in global payments , where the banks exchange payments across 60 countries.

And it will be followed by many more banks in the coming months.

Christian Sravides said, in charge of marketing the first with the "Swift": "We are delighted that the 'Swift' service innovation in global payments have become in the process currently in use which improves the experience of making cross-border payments for managers Treasury companies.

Global financial sector have pledged a year ago improving the experience of making cross-border payments dramatically and today we are witnessing an important milestone in the station to fulfill this pledge.

this achievement demonstrates the ability of 'Swift' and the financial sector to collaborate, innovate and introduce new solutions at a fast pace. "

This was announced several financial institutions in the Arab region, including Mashreq Bank in Dubai and the Bank of International Islamic Solidarity their intention to adopt the "Innovation in cross-border payments service" from the "Swift".

Khaled Muharram head of Middle East and North Africa ( MENA ) said I have a "Swift" "help 'Swift' to make a real change in the financial sector through its support for banks in the Middle East and enable them to provide a new standard in the field of cross-border customers payments.

The future of payments is now present'soevt 'is at the heart of this future. "

Enables the "Swift" service innovation in global payments banks make payments service faster and more transparent for cross-border payments as well as the ability to track those payments.

The mechanism for tracking innovative new about this service allows banks to provide treasury managers in companies in a comprehensive manner in real time on the status of their payments, including the issuance of confirmations access when it is deposited in the beneficiaries of payments accounts.

It also ensures that treasury managers now transfer information, such as the terms of reference of the bills, it is converted to the beneficiary without any change or modification.

This will launch a "Swift" as well as "Innovation Service observer in the global payments tool" (gpi Observer) It is a tool for quality assurance tasked with monitoring the commitment of the participants in the service laws "gpi".

The "Swift" is currently designing the next phase of "service innovation in cross-border payments," which will include additional digital services to improve the experience of cross-border payments, such as payments rich data service.

Said Wim Remekrz, president of "service innovation in cross-border" with "Swift" payments "Customers want more emphasis, transparency and traceability in their payments cross-border.

Swift service for innovation in payments cross-border offer that now.

With the addition of nearly 100 leading bank dealings to the service, we expect that the service is expanding rapidly to include more banks and offer new features and services to pay extra. "

In parallel with this, "service innovation in cross-border payments , " the application of distributed books of accounts technique taught to settle Nostro accounts (owned banks accounts in foreign currencies at other banks) in real time.

The announcement was proof of concept in the month of January 2017.

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