Given that Sibos, the global financial services networking event organized by SWIFT, is starting on Monday… we thought that everyone could get a reminder of what SWIFT really is.
Let us start with the basics: SWIFT is a messaging system that allows banks around the globe to securely and quickly communicate about cross-border payments. It stands for: Society Worldwide Interbank Financial Telecommunication. ⚙️ And even though it is widely used, mainstream society might not know exactly how it works and what it’s used for. 🎥 So, who wants a visual explainer with a deep-dive on SWIFT? Watch the following video and tag colleagues from the payment sector who might love it!
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Imagine a payment system that’s changing the way an entire nation moves money—instantly, effortlessly, and around the clock. That’s exactly what Pix, the revolutionary real-time payment platform launched by the Central Bank of Brazil, has done. Transforming the payments landscape across the country, Pix isn’t just rewriting the rules in Brazil; it’s setting the stage for the future of Account-to-Account (A2A) payments globally, together with other similar solutions. For financial institutions, NBFIs, and corporates, it marks the beginning of a new era, defined by unprecedented speed, efficiency, and cost reduction in both domestic and cross-border transactions. Read on to discover how Pix setting a new standard for Payments globally.
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Imagine this scenario: It’s a busy Thursday morning in the operations department of a large financial institution. The team is deep into their routine of processing payments when one team member notices an alarming issue: a substantial payment—well over $100,000—has been processed multiple times. In a matter of seconds, the atmosphere shifts as the team faces a complex situation with financial and reputational implications.
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