Swift Go enrollments triple by 2022

Swift, the world’s leading provider of financial messaging services, reported significant progress in 2022 towards G20 country goals to enhance the international experience, rapidly set a new standard for low-value payments, transform the process of payments for advanced to remove friction, bring new levels of transparency to the securities industry, and deliver breakthrough innovation to integrate CBDCs (Central Bank Controlled Digital Currencies) into the financial ecosystem.

This progress is the result of a strong strategic focus over the past two years to enable frictionless and instant processing between 4 billion accounts worldwide and aligns with the G20 goals of improving speed, cost, transparency, choice and access in the international payments experience. Swift is a member-owned global cooperative and the world’s leading provider of secure financial messaging services.

Thierry Chilosi, Director of Strategy at Swiftsaid "Swift and its community have made tremendous progress in 2022 transforming not only the international experience today, but setting the pace of innovation for tomorrow. We are preparing for a world where value is transferred in many ways and forms across the globe, and Swift’s focus on inclusivity and interoperability promises to increase the efficiency and reduce risk of these exchanges."

To this end, in October, Swift announced a groundbreaking innovation after successfully demonstrating how central bank digital currencies (CBDCs), and tokenized assets, could be exchanged via DLT and fiat-based systems. Swift’s innovation demonstrated that "digital islands" from all over the world can connect, harnessing the full potential of technology to enable instant and frictionless payments and securities transactions. The CBDC solution is currently being tested with 18 commercial, central and international banks.

In addition, 2022 will mark the 13th consecutive year of annual traffic growth on the Swift network, with an average of 44.8 million messages sent through the Swift system each day as of the end of October 2022, an increase of 7.7 percent over to October 2021. The growth underscores the industry’s confidence in Swift, which continues to deliver on its day-to-day mandate, with a relentless focus on operational excellence.

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David Watson, Swift Product Managersaid: "We have delivered apace in 2022, and 2023 will undoubtedly be another year of transformation as we begin to realize the benefits of enriched data through the industry migration to ISO 20022 and the increase in our transaction management capabilities. Through responsible innovation, we will continue to transform the international experience and accelerate momentum towards the G20 goals.".

According to the cooperative’s statement served from Mexico City by the communication firm Llorente y Cuenca, Swift’s achievements this year include:

  • Increase Speed ​​- Today, almost half of Swift transactions reach final beneficiaries within 5 minutes and two-thirds within an hour, very close to the G20 target of 75% within 60 minutes.

 

  • Offer Choice to Small Businesses and Consumers – Bringing speed, transparency, and security to payments under $10,000, sign-ups for Swift Go have tripled to more than 500 banks in more than 120 countries.
  • Elimination of costs – Swift’s enhanced payment pre-validation service, which reviews account details with aggregated and pseudonymised data from more than 4 billion accounts for errors before sending a payment. Its deployment, which could save the industry millions a year in failed transaction repair costs, currently covers 70 percent of beneficiary accounts in major markets.
  • Increased transparency – Building on the transparency offered for payments via gpi, Swift is doing the same for values. Swift Securities View, which has been successfully piloted this year and will go live in 2023, offers unprecedented transparency into the processing of securities transactions after a trade occurs. Failed liquidations cost the industry about $3 billion a year.
  • Expanded access to Swift solutions: Through public cloud services, such as Amazon Web Services, Google Cloud, and Microsoft Azure, and increased use of APIs.

 

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