SWIFT Will Update The Infrastructure For International Transactions
The SWIFT system plans to change the procedure for making payments and performing operations with securities within two years, as well as update the infrastructure for international transactions, the company said in a statement.
"SWIFT today announces that over the next two years and beyond it will fundamentally transform payments and securities processing, retooling cross-border infrastructure as part of a new strategy approved by its Board to enable the world’s financial institutions to deliver instant and frictionless end-to-end transactions," the release says.
According to the report, the improved platform will provide interaction between financial institutions and other market participants, allowing you to optimize the speed and maintain transparency and predictability of operations. It's worth noting that the new digital platform will use cloud technologies to provide processing services that banks have traditionally developed independently within their infrastructure.
"New extensive data processing capabilities will allow you to pre-check the most important information, detect fraud, get more extensive analytical data, track transactions and quickly resolve cases of discrepancies in information on the transaction," SWIFT explains.
SWIFT is an international interbank system for transmitting information and making payments. It is connected to more than 11 thousand major organizations in about 200 countries.