October 11 > 14
SWIFT at Sibos 2021: What’s on?
Monday 11 October
With the move to ISO 20022 gathering pace for payments, financial institutions are on an adoption journey.
In this session, hear from Nasir Ahmed, the lead for SWIFT’s ISO 20022 adoption programme for cross-border payments and reporting, about the benefits of adoption and the steps institutions need to take to make this journey a success.
Nasir is joined by Christian Fraedrich, Head of Cash Business Architecture at Deutsche Bank and Nick Soo, Director, Regional Head of Payment Products, GLCM at HSBC to discuss some of the challenges typically faced along the way and how to address them to benefits from the rich data offered by ISO 20022.
The combination of increasing customer expectations and the pace of change in financial services is shaping the future of cross-border payments. In order to be competitive, financial institutions not only need to offer a simple and compelling user experience, but also the ability to interact across different payment solutions.
This session will address how SWIFT and its community are thinking about the coexistence of multiple payment solutions, including the emergence of CBDCs and cryptocurrencies, new monetisation and commercial models, and a focus on what customers will expect in years to come.
In this session, we will discuss the evolution of anti-fraud in the financial industry and how the community continues to confront it. Serge Ioanidis, Payment Controls Product Owner and Manager at SWIFT, will deep dive into how our solution has helped the community mitigate fraudulent attacks and what you can expect next from our roadmap.
Tuesday 12 October
Risk management is central to SWIFT’s DNA. And for the SWIFT community operating with the ongoing threat of cyberattacks, the move to ISO 20022 and our enhanced platform brings an increased focus on data and counterparty risk management.
SWIFT’s Customer Security Programme continues moving the community towards ever higher standards of cybersecurity, and many entities are now increasing their consumption of attestation data for counterparty risk management. In this session, join SWIFT cybersecurity experts and financial institutions leading in this area to learn how counterparty attestation data can play a key role in your risk management approach.
Sebastian Rojas, Head of product, payment solutions at SWIFT, will provide insights on the new SWIFT Go service, including its functions and the customer journey. An early adopter customer, Dr. Xu Jie, Deputy General Manager of Transaction Banking Department at China Minsheng Bank and Vice-Chairman of the China International Chamber of Commerce (ICC China) Banking Committee, will discuss the successful pilot journey and the benefits that they have experienced and foresee for the future.
SWIFT’s sanctions initiatives are helping the community improve their screening standards, adopt new ISO 20022 screening practices and evolve their sanctions screening processes.
In this session, we will discuss some of the current initiatives that banks are collaborating on to reduce sanctions friction points; such as the launch of SWIFT’s new Transaction Screening Service, the introduction of market guidelines on ISO 20022 screening, and new screening models.
At SWIFT, we are evolving our capabilities to enable seamless, frictionless and instant transactions from one account to another, anywhere in the world. This will unlock huge opportunities for our community of over 11,000 institutions, significantly improve end-to-end efficiency and reduce total costs. At the heart of this transformation is a next generation platform.
Based on the concept of transaction management, the platform will orchestrate fast and frictionless transactions from end-to-end, and provide mutualised services such as pre-validation of essential data, sanctions screening, anomaly detection, data analytics, transaction tracking, exception case management and more. The first release of the enhanced platform is set to go live in November 2022.
In this session, learn more about what this means for you and how the platform will facilitate adoption of ISO 20022 for payments.
Most cross-border payments are processed end to end without issue. Those that fail or lose time, however, while much smaller in total volume, consume a significant amount of time and resources to correct. Incorrect or missing information about the beneficiary provided when the payment is initiated is a main cause of such errors. Our Payment Pre-validation service can help you tackle this.
Hear from Mireia Guisado-Parra, Product Owner for SWIFT's Pre-Validation initiative, and Oguz Bilge, Product Manager, Cash Management at Garanti BBVA, on the benefits they have discovered.
Wednesday 13 October
APIs are the firepower behind today’s online communications – they are what make your phone smart, and quite possibly your car and your refrigerator as well. APIs are now transforming financial services – enabling firms to develop new online services and respond to market needs quickly and cost-effectively. SWIFT has long been working to harness the power of open APIs for its community, launching our first open API in 2017, and adoption has grown significantly since then. Over 400 users are connected to SWIFT’s API channel, together making more than two billion API calls in 2020.
In this session, you’ll discover how you can benefit from the growing range of innovative API services available on SWIFT – across payments, treasury, compliance, securities and beyond. Now is the time for your firm to join SWIFT’s API revolution. Join us to find out why.
With changing customer expectations, increased competition and ever-evolving technology, innovation is a must. Yet many of the challenges we face are common to the entire industry – and, to solve them, we cannot always innovate alone.
By working together to solve industry-wide challenges, we can drive the entire ecosystem forward and raise the overall quality of service that individual institutions are able to deliver to customers.
In this session, we’ll look at where the opportunities lie for collaborative innovation, and how SWIFT is championing this approach, working alongside financial institutions, fintechs and the wider ecosystem to co-create innovative services for the benefit of the entire community. In short, now is the time to Innovate with SWIFT!
The key to the digital revolution in the securities markets is not digital technology but digitised data. The value of the Cloud, blockchain, robotic process automation (RPA), artificial intelligence (AI) and machine learning (ML) lies less in their speed or capacity than in their ability to store, process and analyse data to complete transactions, report and service holdings and yield insights for decision-makers.
At present, participants in the securities markets exchange data in a wide variety of messaging formats, including ISO 20022, ISO 15022, FpML, FIX as well as a range of proprietary standards, emails and spreadsheets, analogue forms such as faxes and, increasingly, through non-standardized Application Programme Interfaces (APIs). This multiplicity of data formats is slowing the progress of the data revolution in the securities industry.
The new class of centralised and decentralised data and transaction management platforms have to invest in data management and normalisation tools, increasing costs and reducing the variety and timeliness of the data they share with their users. But the multiplicity of formats is not going to diminish any time soon.
In this session, we will explore the practical and operational challenges of enabling different formats to inter-operate successfully. We’ll also explain how even a partial adoption of the ISO data model and dictionary can help reduce the costs and risks of working with multiple data formats and create opportunities to develop and distribute a range of innovative, data-driven and revenue-generating products and services.
How comfortable would you be if you were sending or receiving a high-value item in your personal life but were unable to identify where it was in the delivery process at any point in time? The answer is surely “not very.” Now apply this to the securities industry today, where firms have no way of uniquely identifying and tracking a transaction across all the intermediaries in the securities lifecycle. Given the industry’s intense focus on operational resilience and risk, combined with the need to reduce costs associated with settlement inefficiencies and improve customer experience, it’s time to change the status quo.
In this session, learn more about how we’re collaborating with financial institutions and the wider capital markets ecosystem to provide visibility across the settlement and reconciliation value chain, why this is essential, and the benefits this unlocks for you and your customers.
Thursday 14 October
This year we challenged the financial community to develop AI and ML solutions that can reduce friction across the entire industry.
Over the past few weeks teams have been collaborating, building and testing solutions that enhance the accuracy of anomaly detection in payments and create anonymised data-sets that can be used to test the next generation of AI-based services.
Teams ranged from fintechs to software providers, commercial banks and beyond, and in this session we’ll announce the winners and have them showcase their innovative solutions.
When making a payment, delays, lack of visibility, or a loss of information can lead to poor user experiences with costly consequences. In a landscape where users expect all of their payments to be fast, trackable and predictable, financial institutions need to reduce friction in cross-border payments.
In this session, we’ll take a closer look at where frictions arise and what tools are available to help the industry address this challenge.