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SWIFT has announced the launch of a new digital platform, as well as a new strategy, for instant payments.
International transfers developed by the Society for Worldwide Interbank Financial Telecommunication have always been much slower and more expensive than domestic transfers, so much so that they have recently begun to face competition from Ripple in terms of speed and cost-effectiveness.
This competition is actually forcing SWIFT to adapt to technological innovation, so much so that it is now building a new generation digital platform in the name of resilience and security.
In addition, the new strategy aims to enable account to account transactions anywhere in the world, immediately and without friction, with transparency and end-to-end predictability.
