SWIFT

The financial services industry is constantly changing, and the pace of change is accelerating rapidly, especially for the payments sector. The industry has witnessed many shifts: from the barter system to cash, from cheques to cards, and from cards to digital banking and payments.

In order to communicate with each other, banks use a messaging system called SWIFT (Society for Worldwide Interbank Financial Telecommunication), which provides a standardized and secure way to exchange information. There are several different types of SWIFT messages that banks use for various purposes.

There is little doubt that 2022 has been an unprecedented year and for better or for worse, there has been a lot that has happened in the trade, treasury, payments and supply chain spaces.

The evolution of cross-border payments is more exciting than ever. However, for banks, the priority is to use the payment data for compliance and differentiation. So, get your data in order.

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At Sibos 2022, Trade Finance Global (TFG) spoke with Niels Nuyens, program director at Digital Container Shipping Association (DCSA), to learn more about digitalisation in the shipping space.

Attending a talk at Sibos with Managing Director, US and Canada, Ben Arber and Gonzalo Perez Verdicchio, chapter lead API product management at SWIFT, Trade Finance Global (TFG) was able to learn more about the next steps for the market.

Trade Finance Global (TFG) spoke with Rishikesh Tinaikar, global head of corporates and Trade Go to Market at SWIFT, to further explore the pandemic recovery and how lockdowns are accelerating trade finance’s push toward digitalisation.

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In addition to the joint sanctions placed on Moscow by the UK and other NATO countries in February, Office for National Statistics (ONS) figures have confirmed that UK private energy firms no longer import any oil or gas from Russia.

Cross-border payments are at the core of international finance and economic activity and it have undergone dramatic changes over the past fifty years. 

The last decade has seen a substantial change in global trade bank attitudes towards innovation and collaboration. 

Correspondent banks are a key part of cross-border payments facilitating the flow of trade between different jurisdictions. 

TFG’s Deepesh Patel interviewed the new VP to learn what led her to BAFT, her view on fighting financial crime, and her insights into the progress made in the payments space.

On Wednesday, the Russian gas exporter and bank Gazprom suspended gas flows to Poland and Bulgaria as the firm did not receive payment from the countries in roubles.