Tony Wicks, SWIFT’s Head of Financial Crime Compliance, explains how safety, security and compliance play a critical role as cross-border payments move to real time.
As the demands of international businesses for speedier cross-border payments continue to grow, banks are under increased pressure to keep those payments compliant and secure. Compliance teams need to effectively manage and monitor risk across the globe, and we’re already seeing banks collaborating on new technologies and standards to meet the challenge of instant payments.
A community approach is key in achieving real-time compliance, allowing compliance teams to harness mutualised solutions to create a globally secure network.
Unlocking real-time payments also depends on banks having clean, complete and correctly formatted payment data. Tools that harness powerful technologies such as artificial intelligence and machine learning, will allow improvements in this area.
SWIFT is driving the creation of community-wide solutions to enable fast and secure payments that are ready for straight-through processing. With our unique perspective on the world of payments compliance, we’re helping our community meet today’s challenges and forge a path for the future,
Find out more in our Future of payments paper.