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6 Leading Banks Back SWIFT's New International Payments Platform

The banks include Citi, Bank of China, BNP Paribas and Deutsche Bank.

Jun 24, 2021 at 11:10 a.m. UTC
Updated Sep 14, 2021 at 1:16 p.m. UTC

Six of the world's biggest banks endorsed a new platform for international payments set for launch in November 2022 by SWIFT, the global interbank messaging network.

  • Citi, Bank of China, BNP Paribas, Deutsche Bank, BNY Mellon and Standard Chartered plan to use the new platform, an announcement Thursday said.
  • SWIFT is a global messaging network connecting banks and other financial institutions for cross-border payments. It links more than 11,000 institutions, and in June alone has transmitted more than 350 million messages containing financial information.
  • The new platform is set to include features such as upfront validation of beneficiary details, extension of SWIFT's high-speed system to lower-value payments and incorporation of the universal messaging standard for international payments, ISO 20022.
  • There have been suggestions that SWIFT could be made redundant by growth in use of digital currency – be it crypto, stablecoins or central bank digital currencies.

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