Over the next two years and beyond, SWIFT will evolve its capabilities to enable frictionless and instant transactions from one account to another, anywhere in the world. The SWIFT platform will provide a set of common transaction processing services, such as pre-validation of essential data, sanctions screening, fraud detection, data analytics, transaction tracking and exception case management – mutualising capabilities that today are typically provided, and invested in, by each financial institution individually. By bringing data and common services, we aim to significantly improve end-to-end efficiency and reduce total costs, while bringing new business value to end customers with faster, more reliable transactions and better, richer data. Learn more about the SWIFT platform here.
Financial Institution Credit Transfer API enables interactions with the transaction manager for initiating and processing cross-border customer credit transfers and cover payments. The data is exchanged via the trusted network with the community working to the same standards, SLA and rule-book. The API offers features not available on the messaging channel such as updating only the clearing information of a transaction. The current version v1.0.0 is in draft mode, we are collecting feedback from the community to drive new capability development in the next iteration including additional end-points offering fine granularity such as retrieving only the remittance information as an example.