On June 28, SWIFT issued a press release and announced that “SWIFT’s global payments innovation initiative will transform cross-border payments.” This initiative could be a big game changer in B2B payments. I think SWIFT has found a winner with this project, and it looks like one that won’t languish waiting for participants to sign up and use it.
SWIFT has 73 banks committed to the initiative. It enlisted the largest and most global banks as well as many other large banks and has a good spread of countries represented. Both of those circumstances bode well for the initiative.