SWIFT and customers combine to fast track standards development
Published on 18 September 2008
Làzaro Campos, CEO, SWIFT
Standardisation is about compromise and consensus. By definition it is virtually impossible to please all of your customers all of the time. But, as Lázaro Campos, CEO, SWIFT, explained to attendees of the Standards Forum session, ‘Customers first in standards’, SWIFT is committed to optimising the customers’ experience.
Linda McLaughlin-Moore, managing director, treasury services at J.P.Morgan, set the tone by asking SWIFT to “generate more velocity in creating the standards we are all depending on.” Axelle Wurmser, head of SWIFT coordination at BNP Paribas Securities Services echoed this desire for more speed and suggested SWIFT “embrace working with small committed groups of ‘pilot’ clients.”
Campos was quick to respond that SWIFT had approved a ‘Fast Track’ development process that would allow it to identify pilots who would commit to helping SWIFT develop standards in specific areas of urgent and particular interest to them. In turn, these customers would commit to implement and use the ‘first version’ standards once developed. This group, with dedicated resources from SWIFT, would complete the basic requirements focused on practicality and simplicity, essentially creating the kernel of the final definitive standard. Jamie Shay, head of standards, SWIFT, was enthusiastic in her commitment to this idea.
