6 Leading Banks Back SWIFT's New International Payments Platform

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

AccessTimeIconJun 24, 2021 at 11:10 a.m. UTC
Updated Sep 14, 2021 at 1:16 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.


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.