Making cross-border payments as seamless as domestic
Harry Newman, SWIFT’s Head of Banking, explains how the SWIFT community is laying a new foundation for cross-border payments that are as fast, seamless and open as domestic ones
The innovation that has disrupted and continues to transform domestic retail payments is facilitating unimaginable improvements in the way value is transferred.
Translating that to cross-border payments is more challenging for a number of reasons. Nearly 200 different currencies globally means different rules, jurisdictions and value loops to bridge to make seamless cross-border payments a reality.
Nevertheless, new technology and the demands of the global economy necessitate ever-faster payments. Goods and services need to shift further and in as close to real-time as possible. Only a truly global and open system can enable that.
That’s what we’re delivering.
Today, SWIFT gpi is a driving force. Over 40% of cross-border payments on gpi are credited within five minutes, and nearly all within 24 hours. This will only get faster, eventually becoming instant and 24/7.
We have our sights set on removing the frictions that are preventing this today. Once achieved, we can replicate that payments experience in the person-to-person and ecommerce worlds.
Payments that are instant, transparent, ubiquitous, and secure – account-to account, anywhere, at any time.
Find out more in our Future of payments paper.