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Increased customer expectations around speed
and transparency are driving new changes to
traditional banking models. This new paradigm
has prompted changes that require careful,
responsible innovation and flexibility. New
technologies are exciting and can create new
opportunities, but they must be assessed
carefully, always bearing in mind the demands of
compliance and the need to maintain the highest
levels of security and resiliency. This is something
we are acutely conscious of as we develop.
As we look ahead, we have plans to build a
smarter, faster, better digital platform that goes
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transaction management process. We seek to
move towards being a single trusted partner in
every area of transactions.
Evolving the SWIFT platform
With goods and services moving more quickly
and across greater distances than ever before,
the new SWIFT platform capabilities will enable
funds to move further, faster.
The platform will enable an end-to-end instant
and frictionless experience, from any account to
any account, ensuring that everyone knows all
the fees up front and the status of transactions
all along the way.
Whatever the transaction type, in whatever
format or currency, the platform will be capable
of adapting and delivering in real-time – removing
complexity, ensuring transparency and
guaranteeing compatibility for every bank around
the world. It will help banks transact responsibly
by further enhancing compliance and cyber
resiliency.
On top of that, the platform will be an enabler of
innovation for the entire community – allowing
financial institutions to create unique and
competitive services that leverage its capabilities
through APIs.
Conscious of the needs of our whole community,
the platform will have full flexibility and backward
compatibility to allow financial institutions to
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upgrade to the full benefits of the new platform
at a time that best suits them.Taking transaction management to the
next level
SWIFT has been right at the heart of the global
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needs since before fintech was even a word. We
are in a unique position to steer the community
through this phase. We need not look further
than the unmatched scale of our network and
our proven track record of operational excellence,
security and resilience to be confident about the
strength of our fundamentals. The new platform
capabilities will build upon the work we have
already done and take it to the next level.PARTNER CONTENTHarry Newman
Head of banking | SWIFT