Swift has overhauled its governance structure with the appointment of a new 15-member supervisory board.
The board brings together senior executives from major global banks and four independent directors to oversee the financial messaging cooperative and its business strategy.
The changes introduce a two-tier governance structure comprising a supervisory board and a management board, in line with international practices for systemically important financial infrastructures.
The supervisory board will be chaired by Graeme Munro, Managing Director at J.P. Morgan’s Commercial & Investment Bank.
It comprises 10 shareholder-affiliated directors and four independent directors.
Other members include Ahmed Abdelaal, Group CEO of Mashreq Bank; Arthur Ambrose, Head of Services Operations at Citi; Manish Kohli, Head of Global Payments Solutions at HSBC; and Mark Monaco, Head of Global Payments Solutions at Bank of America.
The board also includes senior representatives from Scotiabank, BNP Paribas Securities Services, Société Générale, MUFG Bank, Standard Chartered Bank and Bank of China (Hong Kong).
The four independent directors are Dilip Asbe, Burkhard Balz, Inge Boets and Rima Qureshi.
New Governance Structure Will Guide Swift’s Technology Strategy
A management board chaired by Swift CEO Javier Pérez-Tasso will operate alongside the supervisory board.
A separate 25-member Swift Council will represent shareholders and users, providing industry feedback to inform the cooperative’s strategy.
The new board will oversee Swift’s plans to introduce a blockchain-based ledger designed to support the exchange and interoperability of tokenised assets and enable round-the-clock fund movements.
It will also work with management on improvements to cross-border payment services and address developments in artificial intelligence, post-quantum technology and cybersecurity.
Swift connects more than 12,500 users across over 200 markets worldwide.
