Swift is collaborating with 25 leading cash management banks and 20 corporates to create a white-labelled transaction tracking service for ISO 20022 messages, covering the entire payment chain.
As part of this initiative, Swift aims to deliver a bank-agnostic solution for payment initiation using the ISO 20022 format. This effort seeks to eliminate inconsistencies in how the messaging standard is utilized. Additionally, the global co-operative will assist member banks in providing their customers with ready-made, white-labelled ISO 20022 payment tracking services through APIs or messaging channels. This will ensure complete transparency regarding payment statuses and confirmation of receipt.
By standardizing payment tracking data, financial institutions can deliver a consistent experience to their corporate clients, regardless of geographical boundaries or local investment levels. Currently, corporates that engage with multiple banks often receive tracking information through various channels and formats.
Thierry Chilosi, chief strategy officer at Swift, stated, “The adoption of ISO 20022 presents a unique opportunity to enhance cross-border payments. Capturing rich data at the source will benefit the entire ecosystem, bringing us closer to achieving instant and frictionless transactions. We’re pleased to simplify and standardize access to services like tracking, which are crucial for efficient corporate treasury, while also enabling our community to provide these benefits to their customers.”
Roche, the global pharmaceutical company, has successfully implemented Swift’s new corporate API channel in partnership with a key banking partner, granting them direct access to tracking information for their payments.
Stefan Windisch, global head of InHouse Bank at Roche, commented, “Direct API access to Swift’s payment tracking system will enhance transparency and improve our ability to analyze overall payment performance. This will enable us to refine our instructions, better identify inefficiencies, and reduce value erosion in cross-border payments.”
Chilosi further noted that several members of Swift’s working group are implementing and piloting the new capabilities, which are expected to be rolled out to the wider community later this year.