Major banks around the world take action to dramatically improve the customer experience in cross-border payments
Brussels, 21 January 2016 – SWIFT announces that 45 leading banks have signed up to its global payments innovation initiative, announced at the end of December 2015.
The 45 participating firms include major transaction banks from Europe, Asia Pacific, Africa and the Americas. More banks are expected to join this initiative in the coming months.
Christian Sarafidis, Chief Marketing Officer at SWIFT, said: “Such strong participation from major banks all around the world is proof of the importance of this global payments innovation initiative and of their commitment to offering greater speed, transparency and predictability in cross-border payments.”
The vision of the global payments innovation initiative is to enhance cross-border transactions by leveraging SWIFT’s proven messaging platform and global reach. Together with the industry, SWIFT has created a new service level agreement (SLA) rulebook, providing an opportunity for smart collaboration between banks. In its first phase, the new service will focus on business-to-business payments. Designed to help corporates grow their international business, improve supplier relationships, and achieve greater treasury efficiencies; the initiative will enable corporates to receive an enhanced payments service directly from their banks, with the following key features:
- Same day use of funds
- Transparency and predictability of fees
- End-to-end payments tracking
- Transfer of rich payment information.
Wim Raymaekers, Head of Correspondent Banking at SWIFT, said: “Designed for the corporate treasurer, this initiative will enable banks to dramatically improve their customers’ cross-border payments experience. Leveraging SWIFT’s global community and the innovative application of its proven technology, the new service should find rapid adoption and make a hugely positive impact on the global payments landscape.”
The pilot of the new initiative will start from early 2016. Following the corporate cross-border payments pilot programme, SWIFT aims to incorporate additional innovations and deploy new technologies to its global payments innovation initiative. SWIFT will work together with the industry to define additional service level agreements that will cater for other client groups, further reducing the costs and frictions arising from compliance, liquidity and processing efficiency considerations involved in cross-border payments.
For more information or to join this initiative, visit swift.com/gpi
Notes page for editors:
The banks that have signed up for the initiative are:
ABN AMRO Bank, Australia and New Zealand Banking Group, Banco Bilbao Vizcaya Argentaria, Bank of America Merrill Lynch, Bank of China, Bank of New York Mellon, Bank of Tokyo-Mitsubishi UFJ, Banco Santander, Barclays, BNP Paribas, Citibank, Commerzbank, Credit Suisse, Danske Bank, DBS Bank, Deutsche Bank, Ecobank, FirstRand Bank, HSBC, Industrial and Commercial Bank of China, ING Bank, Intesa Sanpaolo, JPMorgan Chase, KBC Bank, KEB Hana Bank, Lloyds Banking Group, Maybank, Mizuho Bank, National Australia Bank, Natixis, Nordea Bank, Oversea-Chinese Banking Corporation, Raiffeisen Bank International, RBC Royal Bank, Royal Bank of Scotland, Sberbank, SEB, Société Générale, Standard Chartered, Sumitomo Mitsui Banking Corporation, TD Bank, UBS, UniCredit, United Overseas Bank and Wells Fargo.
Here is what some of the banks are saying about the initiative:
“Information is highly valuable. With the global payments innovation initiative our clients will have greater information, in the form of visibility and data, for cross-border payments. We are keeping pace with the dynamic world we are living in – delivering information faster and also in a more dynamic way.”
Francyn Stuckey, Head of Capabilities & Client Solutions, Global Transaction Banking at ANZ.
“Bank of America Merrill Lynch is pleased to be a part of SWIFT’s concerted efforts to pursue payments innovation in correspondent banking, a means that is vital to global trade and commerce. Just as SWIFT and its member banks drove the introduction of global payment standards many years ago that, to this day, enable fast delivery of payments anywhere in the world, we are – through the global payments innovation initiative – creating greater transparency and certainty in this space that ultimately benefits the payment needs of the world’s corporations, businesses and consumers.”
Greg Murray, Head of Global High Value Payments Product Management, Global Transaction Services at Bank of America Merrill Lynch.
"Being the most internationalized bank in China, Bank of China has always been committed to providing customers with safe, high-quality, and efficient global payments services. We strongly support the global payments innovation initiative SWIFT is leading and we have been actively contributing to this initiative. With the rolling out and evolvement of this initiative, we expect to be able to provide our customers with better experience in their cross-border payments with increased speed and transparency."
Mr. Zhang Qingsong, General Manager of Clearing Department, Bank of China.
"Focused on helping banks provide business-to-business payment services that are faster, more information-rich, and more transparent in terms of tracking and fees, SWIFT's new initiative aligns well with our own strategic commitment to global payments innovation in support of our clients.” said Tony Brady, Managing Director and Global Head of Business Strategy & Market Solutions for BNY Mellon's Treasury Services business. "We view the project as an important opportunity to continue our longstanding collaboration with SWIFT on innovations that can enhance our clients’ global payments experience.”
“We welcome and support the global payments innovation initiative coordinated by SWIFT. We believe the global payments innovation initiative brings our customers more secure and advanced service in cross-border payments, embracing new technology. We will remain closely involved in this initiative.”
Yumesaku Ishigaki, Executive Officer & General Manager, Transaction Banking Division, Global Head of Transaction Banking, Bank of Tokyo-Mitsubishi UFJ.
"At Barclays we believe that the global payments innovation initiative will be instrumental in allowing us to leverage the global correspondent banking network to provide new and innovative services and solutions to our corporate and institutional clients. As such, we strongly support this new industry initiative and we are excited to work with SWIFT and the wider banking community to deliver on innovation.”
David Scola, Global Head of Banks, Barclays.
“BNP Paribas are pleased to support SWIFT’s new global payments innovation initiative which aims to offer greater speed, transparency and predictability in cross-border payments. We look forward to working together in continuing to provide first class solutions for our clients."
Larry Sobin, Head of Correspondent Banking and US Dollar Payment and Clearing for BNP Paribas.
“At Citi, we welcome the launch of the global payments innovation initiative being led by SWIFT – we see this as a key initiative in evolving how Cross Border Payments are transacted. The time is right for the industry to embrace this initiative and come together to affect meaningful change in payments that we believe will significantly enhance the experience that we deliver to our clients.”
Mark McNulty, Global Head of Financial Institutions Payments and Clearing at Citi Treasury and Trade Solutions.
“We have a strong offering today within payments and digital banking and we want to continue to provide our customers with the most efficient, safe and transparent payment services. Therefore it is natural for Danske Bank to sign up to the global payment innovation initiative by SWIFT to continue to create new standards in cross-border payments.”
Lars Sjögren, Executive Vice President, Global Head of Transaction Banking, Danske Bank.
"We look forward to participating in this worldwide pilot of the global payments innovation initiative. This service will drive greater efficiency and transparency of cross-border payments, bringing significant advantages for banks and improved experience for our customers, particularly in Asia where cross-border business activity continues to be strong."
Navinder Duggal, Global Head of Cash Product Management, DBS Global Transaction Services.
“This is a very significant bank-wide initiative in the cross-border payments space. It is not simply an exercise of ‘moving with the times’, but rather pragmatic proof that we remain at the forefront of payments innovation to address the precise needs of our clients.”
Christian Westerhaus, Head of Product Management, Institutional Cash, Deutsche Bank.
“ICBC strongly support this global payments innovation initiative, coordinated by SWIFT, to deliver a new standard and improve the cross-border payments experience for customers. This is a critical next step in cross-border payments innovation.”
Peng Hua, Deputy Head of Clearing Center, Operation Management Department, ICBC.
“ING Bank is always striving to improve performance in favour of our clients, and actively embraces the SWIFT global payments innovation initiative to speed up and increase transparency and predictability of international payments.”
Jurgen Vroegh, Global Head of Payments, ING Bank.
“We are looking forward to the enhancements that this initiative will bring to cross border payments.” said Emma Loftus, Head of Global Payments and FX for J.P. Morgan. “The efficiencies recognized from the new payment utility will provide better transparency and an enhanced user experience for our clients.”
“We welcome and support SWIFT in fostering innovation to face the changing requirements resulting from the need for increased speed, transparency and customer convenience in the domain of Cross Border Payments and Third Party Clearing. Such innovation is necessary to keep pace with the disruptive technology evolutions in banking services and trade; we are delighted SWIFT is taking up this challenge and will provide the necessary assistance in this.”
Ivo De Meersman, General Manager Payments and Cards, KBC.
“Lloyds Banking Group fully supports the latest industry payments initiative coordinated by SWIFT, which will benefit our customers with an improved cross-border payments process. This also demonstrates how Lloyds Banking Group is constantly at the forefront of innovation. We look forward to working with SWIFT and its partners on future initiatives which will continue to meet our customers’ needs.”
Stephen Everett, Managing Director, Head of Product & Propositions, Global Transaction Banking,
Lloyds Banking Group
“Mizuho Bank takes great pride in announcing that we will commit ourselves to achieving the goal of global payments innovation initiative. Together with SWIFT and SWIFT community, this initiative will make a significant contribution to enhance cross-border payments services, which will provide our customers with real benefits.”
Yuji Tanaka, General Manager, Transaction Banking Coordination Division, Mizuho Bank, Ltd.
”We are excited to be part of the SWIFT-coordinated global payments innovation initiative, which we see as delivering tangible benefits to customers as well as setting a new level in cross-border payments. We recognise that it is crucial to collaborate and innovate to improve the cross-border payments processes and we look forward to continuing our role in the global payments innovation initiative as it seeks to provide further efficiencies and even smoother customer experiences.”
Erik Zingmark, Head of Transaction Products and Cash Management, Nordea.
“We are pleased to support the global payments innovation initiative and certainly see this as a significant step forward in cross-border payments innovation, especially in today’s digital age where speed and convenience are of utmost importance to businesses. With Asia’s trade growth expected to surpass the global average, this faster and secure cross-border payment service will definitely be a boon to our corporate customers. It will not only better facilitate their cash management needs, but also support their overseas business operations and ventures, within and beyond Asia.”
Mr Gregory Trotter, Head of Cash Management, Global Transaction Banking, OCBC Bank.
“A much needed step to revolutionize the banking industry. The global payments innovation initiative will take cross-border payments to a new level.”
Susanne Prager, Head of Cash Management, Raiffeisen Bank International.
“We have been closely involved in designing this new initiative with SWIFT and our industry partners; it supports our drive to improve the service delivered to customers. The global payments innovation initiative is designed to deliver payments across borders in a smoother, faster and more efficient fashion whilst ensuring we retain the highest standards of security and regulatory compliance.”
Marion King, Director of Payments, RBS.
“SEB sees the customer needs for increased speed, transparency and predictability in cross-border payments. Therefore we welcome the SWIFT initiative aiming for innovation in this area and will be an active participant in it.” says Robert Pehrson, Head of Product Management, Transaction Services, SEB.
“Correspondent banking is facing a revolution. Corporate treasurers desire best possible predictability of their fees and a quick cross-border payments service from their banks. Through SWIFT’s global payments innovation initiative, banks will be able to deliver more transparency and efficiency. The quality of the SWIFT platform, which guarantees security and resilience of processing, ensures a very sound base that we can build from, and explore new technologies. We are proud to be a part of this initiative which will help banks to face these challenges”
Pascal Augé, Head of Global Transaction and Payment Services, Société Générale.
“SWIFT’s global payments innovation initiative is very timely since it focuses on speed and pricing transparency on cross-border payments. With such payments on the rise, we, at Standard Chartered Bank, believe our clients will benefit from predictability of their payments and receipts, and thus plan their working capital cycle better.” said Farooq Siddiqi, Global Head of Transaction banking product management, Standard Chartered.
"As one of the major financial institutions in Asia, we would like to express our sincere welcome to SWIFT’s global payments innovation initiative. We have recognized the new reality of innovation and the need for industrywide change. This initiative is a first significant step towards such change in cross-border payments services."
Masayuki Shimura, Senior Managing Director, Sumitomo Mitsui Banking Corporation.
“TD is pleased to be part of SWIFT's global payments innovation initiative group and assist in improving the client cross-border payments experience.”
Akhil Lamba, Head of Global Transaction Banking, TD Bank.
“The global payments innovation initiative will facilitate stronger industry cooperation worldwide which will result in increased levels of service and customer focus. The global payments innovation initiative’s compelling value proposition of greater speed, transparency and predictability, combined with the security and compliance benefits of banks, will help financial institutions consolidate their position at the forefront of their core business in global transaction banking, and enable them to successfully navigate the changing landscape. UniCredit fully endorses this initiative focused on delivering an improved customer experience.”
Claudio Camozzo, Co-Head of Global Transaction Banking, Unicredit Italy.
“The Banking community must strive forward to find a more efficient alternative to today's correspondent banking model. We have to address our corporate clients' growing need for more transparent, faster and cheaper cross-border payments while at the same time balance increasing regulatory requirements and business profitability. We are very excited to see SWIFT launching the innovative global payments innovation initiative which has the potential to leverage existing infrastructure for cross border payments in a modern way.”
Natalia Blatter, UBS Switzerland AG, CIC Transaction banking.
“While the payments space has innovated rapidly even beyond the banking arena, SWIFT’s global payments innovation initiative will enable United Overseas Bank (UOB) to continue to serve our cross-border clients better. With major global and regional integration initiatives and trade pacts being signed in the last six months, this initiative is important as the industry strengthens its payments capabilities to better serve corporates that are increasingly encouraged to move beyond borders. The proliferation of more sophisticated cash management practices also means that more of our clients will be expecting improved services such as same day use of cross-border funds and greater fee transparency on end-to-end payments.”
Mr. Linus Ng, Managing Director and Head of Cash Product Management, United Overseas Bank.
SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 10,800 banking organisations, securities institutions and corporate customers in more than 200 countries and territories. SWIFT enables its users to exchange automated, standardised financial information securely and reliably, thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. SWIFT also brings the financial community together to work collaboratively to shape market practice, define standards and debate issues of mutual interest.
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