Swift is developing a cloud database for end-to-end payments tracking by member banks, it revealed Tuesday in an announcement that 73 banks have joined its broader global innovation initiative.
The initiative aims to improve the customer experience in correspondent banking through a range of service level agreements that would give them same-day use of funds, fee transparency, end-to-end payments tracking – through the cloud database – and richer payments information.
“For the first time, banks will be able to give their customers precise information about their payments, in real-time, including confirmation of credit to beneficiary’s account,” Wim Raymaekers, global head of banking market and project lead for the initiative, said in a June 28 news release.
Swift, the Society for Worldwide Interbank Financial Telecommunication, revealed the technology project in December and began the pilot in April with 21 banks. The participating institutions to date do almost 75% of all cross-border payments on Swift, Raymaekers said.
Among the most recent banks that have joined are Alfa-Bank, Axis Bank, Banco de Crédito del Peru, Banco do Brasil, Bangkok Bank, Bank of Nova Scotia, Banque Européenne d’investissement, CaixaBank, Canadian Imperial Bank of Commerce, Credit Agricole, CTBC Bank, E.Sun Commercial Bank, Fifth Third Bank, ICICI Bank, Itaù Unibanco, Mashreq Bank, Promsvyazbank, Rabobank, Svenska Handelsbanken, Swedbank, TMB Bank and U.S. Bank.
Swift will present results from the pilot’s first phase at Sibos this September. It plans to go live in early 2017.