Tag "SWIFT"

Swift Unveils AI Pilots to Combat Cross-Border Payment Fraud

Swift, the global financial messaging cooperative, has announced two AI-driven experiments in collaboration with member banks to combat cross-border payments fraud which could potentially save the industry billions in fraud-related costs. The first pilot aims to enhance Swift’s existing Payment

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Swift Streamlines Cross-Border Payments for Corporate Clients with ISO 20022

Swift has announced a major upgrade aimed at improving the cross-border payment experience for corporate customers. The financial messaging network will extend ISO 20022 across the entire payment chain and provide banks with ready-to-use tracking services. By standardising payments end-to-end

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Swift’s Sandbox Connector Trial Shows Promise in CBDC Development

Swift, the global financial messaging cooperative, revealed that the latest round of experiments conducted within a collaborative Central Bank Digital Currency (CBDC) sandbox has shown promising results for the application of CBDCs and digital tokens. Over the last six months,

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Australian Payments Plus Join Forces With Swift to Combat Fraud

Swift has been selected by Australian Payments Plus (AP+) to develop a new service aimed at enhancing the safety and security of money transfers in Australia. This service, known as confirmation of payee, is designed to minimise the risk of

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Swift Invites Fintech Pioneers to Join AI-Based Cross-Border Innovation Challenge

Swift has announced the launch of its first-ever “The Innovation Challenges” that invites participants to create AI-based solutions aimed at improving the efficiency and security of cross-border transactions. Registration is now open until 15 January 2024. The challenge arises from

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MAS Unveils Five New Industry Pilots Under Project Guardian

The Monetary Authority of Singapore (MAS) has teamed up with the financial industry to expand initiatives related to asset tokenisation. The goal is to enhance the foundational capabilities necessary to scale tokenised markets, ultimately driving institutional adoption of digital assets.

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Wise Lands Swift Partnership to Expand FIs’ Cross-Border Payment Options

Swift and online money transfer service Wise have announced a new collaboration to offer financial institutions and their customers more options for cross-border payments. Under the agreement, financial institutions will be able to route Swift payment messages directly to Wise’s

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What Do Consumers, SMEs Look For in Cross-Border Payments?

Banks and other financial service providers find themselves at a pivotal juncture in the burgeoning low-value cross-border payments market, currently valued at US$10 trillion. A recent survey by Swift, the international payments messaging firm, offers some crucial insights. The research

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ACI Worldwide Adds Swift Go to Its Cross-Border Payments Offering for Banks

ACI Worldwide, a real-time payments software provider, announced the addition of Swift Go to its cross-border payments offering. Swift Go enables consumers and businesses to send simple, fast and transparent cross-border payments straight from their bank account, combining the power

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Swift Completes Sandbox Testing of API-Based CBDC Project

Swift said that 18 central and commercial banks found “clear potential and value” in its API-based Central Bank Digital Currency (CBDC) connector. Following a 12-week period of collaborative sandbox testing, almost 5,000 transactions were simulated between two different blockchain networks

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