How is the race towards instant payments shaping the world of compliance?
As demand for speedier cross-border payments continues to grow, so too does the burden on banks to keep these payments compliant and secure. Swift’s Heather Lee explores how industry collaboration can satisfy the needs of both business and regulators.
The Renminbi is the second most used currency for cross border payments with China and Hong Kong
Brussels, 26 June 2014 – Swift’s RMB Tracker shows that the RMB is now the second most used currency for cross border payments with China and Hong Kong. In May 2014, 12% of cross border payments with China and Hong Kong were done using the RMB, up 36% from one year ago. The US Dollar remains in the top position, with the Hong Kong Dollar following close behind the RMB for payments to China and Hong Kong.
New BPO rules and tools to help banks transform their supply chain finance services
Brussels, 17 April 2013 - Swift, the financial messaging provider for more than 10,000 financial institutions and corporations in 212 countries and territories, and the Banking Commission of the International Chamber of Commerce (ICC), announced today that new legal and technology standards for Bank Payment Obligation (BPO) are now available. Following a unanimous vote at the ICC Banking Commission in Lisbon 17 April, the adoption of these new rules confirms the industry’s support for this…
Market participants embrace the direct route to T2S as 2015 deadline approaches
Brussels, 30 September 2014 - As activity among market participants choosing to directly connect to T2S intensifies, new Swift research looks at the benefits of taking the direct route to T2S and the opportunity to build new business models, access new markets more easily and deliver new services to clients, which are being explored by the first wave of pioneering Directly Connected Participants (DCPs).
In focus with Amazon Web Services: The road to a better payments experience
Read how industry collaboration, AI and machine learning can help better predict payment outcomes and realise the benefits of ISO 20022.
The past and future of securities are on course to converge, not collide
In the securities services industry, confidence is growing that the traditional and the new will coexist successfully. At Swift's recent Smarter Securities events, leaders of banks, CSDs, exchanges and FinTechs in Asia, Europe and North America shared their visions of the future.
The United States jumps ahead of Taiwan as an offshore RMB clearing centre
Brussels, 3 June 2014 - Swift's RMB Tracker shows that United States' RMB payments value increased by 327% between April 2013 and April 2014, placing the United States at #3 in the world for RMB payments value, excluding China and Hong Kong. In April 2014, 2.6% of total RMB payments value was carried out via the United States, up from 1.3% one year ago. Singapore remains in the top position followed by the United Kingdom.
The time to boost innovation capabilities is now
KCIs help organisations to succeed in the 21st century.
Holistic data solution for comprehensive due diligence
Integration of data from The KYC Registry and Bankers World Online
RMB now 2nd most used currency in trade finance, overtaking the Euro
Brussels, 3 December 2013 - Recent Swift data shows that RMB usage in traditional trade finance - Letters of Credit and Collections - grew from an activity share of 1.89% in January 2012 to 8.66% in October 2013, propelling the RMB to the second most used currency in this market. It ranks behind the USD, which remains the leading currency with a share of 81.08%. The RMB overtook the Euro, which dropped from 7.87% in January 2012 to 6.64% in October 2013 and is now in third place. The top 5…