🔤wift Expands ISO 20022 Implementation to Enhance Payment Tracking

🔤wift Expands ISO 20022 Implementation to Enhance Payment Tracking

Swift is standardizing end-to-end payments and providing banks with ready-to-use solutions to enhance the corporate experience. Key factors include white labeling, comprehensive sender information, and collaboration with leading banking organizations. 🐒

🔤 Project Objective: To provide a universal standard enriched with the benefits of structured data from ISO 20022, facilitating automation and reconciliation, and drastically reducing operational costs in cross-border payments.

🔤 Integration with SWIFT's API channel is anticipated.

🔤 By 2027, it is expected that 89% of payments will reach the receiving bank within one hour.

🔤 The project was developed by a working group of 32 participants, representing major banks and multinational corporations from various sectors, including Roche and Saudi Aramco.
Earlier, we reported that SWIFT plans to create a new platform to connect various stablecoins simultaneously... In other words, they have no intention of relinquishing their position. Keep going, be like SWIFT.

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