6 Leading Banks Back SWIFT's New International Payments Platform

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.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Jamie Crawley

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.