The second SWIFT Business Forum has been held in Kiev 9 October, 2018. More than 120 participants attended the event, and listened the speeches, presentations and panel discussions to address a number of topics including:
ü Update on ISO 20022 standards: in this session speakers provide more visibility on the ISO 20022 global trend, look at the status on ISO 200022 in the Ukrainian market, and share the outcomes of the ISO20022 consultation.
ü Ukraine’s financial market infrastructure: in this part of the event speakers and participants looked at the actions taken by Ukraine’s MIs to drive change and innovation in their markets, how they reflect the broader European and global trends, and gain insights into what more lies ahead.
ü Cyber threats in financial services: this session outlines the evolving cyber security landscape, the methods of attack, progress on the Customer Security Programme and pragmatic steps to better protect your organisation.
ü The evolution of the payments landscape: these presentations gave listeners an overview of what is happening in the payments landscape, how this industry is transforming and what challenges and impacts are growing.
ü Transforming cross-border payments: in this panel session, we explored with a live gpi bank and other gpi member banks, how SWIFT gpi is transforming the cross-border payments landscape.
ü SWIFT’S API strategy: in this session organizers shared information on the API work they are doing at SWIFT, explain what is already available to customers and gave a view on what is coming up in the next 6-12 months. Speakers also shared some of thoughts about the use of APIs in the longer term, and gave insights into how these are likely to impact SWIFT’s traditional product and service offering.
The forum provided an opportunity for participants to ask questions to SWIFT representatives and to communicate in an informal setting during coffee breaks.
Welcome to the second SWIFT Business Forum in Kyiv, organised together with UkrSWIFT, the SWIFT national member and user group for Ukraine.
The programme for the event will combine keynote speeches, presentations and panel discussions to address a number of topics including:
- Progress in market infrastructure systems development.
- The evolution of the European payments.
- SWIFT gpi – setting a new standard for cross-border.
- How the industry can collaborate to combat cyber.
- An update on ISO 20022: use-cases from around the globe and the SWIFT migration proposal for cross-border.
- How technologies, such as APIs and Artificial Intelligence are opening up new opportunities and changing the way we do things.
You will hear from renowned industry speakers, alongside SWIFT experts, on all of these topics and learn about what SWIFT is doing to meet the needs of its community. As always, this one-day event will be an excellent opportunity to discuss and share experiences on topics of great relevance to you and your business.
This free event, reserved exclusively for SWIFT customers in Ukraine, will focus on the key trends affecting the financial industry as a whole and the impact that they have on financial services in Ukraine.
We hope that you will join us on 9 October. The event will present an unrivalled opportunity to hear first-hand the views of key experts from your region’s financial community about a range of issues that are critical to the future of our industry.
Regional manager, CEE SWIFT
22-25 October 2018 ProFIX Company will attend the Sibos 2018 exhibition and networking event organised by SWIFT. This year Sibos turns 40, and will be held at the International Convention Centre, Sydney (Australia). The event brings together 8,000 business leaders, decision makers and topic experts from a range of financial institutions, market infrastructures, multinational corporations and technology partners.
With hundreds of speakers and conference sessions, nearly 200 exhibitors, and multiple networking events, Sibos is the place to discuss business strategy, build networks and collectively shape the future of the financial industry.
ProFIX Company will traditionally visit the Sibos, and this year wiil not be an exception. A report about key topics and important points of the program will be published on our site.
SWIFT announces that just 15 months after the service launched, 25% of all SWIFT cross border payment traffic is being sent over the global payments innovation (gpi). SWIFT gpi, the most transformational change in cross-border payments in 30 years, dramatically enhances the customer experience by increasing the speed, transparency and end-to-end tracking capability of payments.
It is set to be the standard for all cross-border payments made on the SWIFT network by the end of 2020.
SWIFT gpi has seen rapid widespread adoption since going live in 2017. More than 165 banks, representing 80% of SWIFT’s cross-border payments traffic, and including 49 of the world's top 50 banks, have signed up to the service. To date, 50 million gpi payments have been processed, with hundreds of thousands of payments sent daily across 350 country corridors, in more than 100 currencies. In major corridors, such as USA-China, gpi already accounts for more than 40% of payment traffic.
Commenting on the growth in adoption of gpi, Harry Newman, SWIFT’s Head of Banking said: “It’s clear that the global payments industry needs to evolve in order to provide customers with a modern, service that meets their expectations. As a truly global, fast, secure and transparent cross-border service, gpi is delivering real and tangible change, and the increase in its use is testament to the huge benefits it delivers to end customers. With more than 25% of traffic and over $100bn a day now flowing securely over gpi, it is rapidly becoming the new cross-border standard.”
The strong growth in the adoption and use of SWIFT gpi has been driven by demand for a faster, more transparent cross-border payments service. Already, nearly 50% of gpi payments are completed and credited to end beneficiaries’ accounts in less than 30 minutes, many within seconds.
In March 2018 SWIFT announced the extension of its gpi Tracker to cover all payment instructions sent across the network, enabling gpi banks to track all their SWIFT payment instructions at all times, and giving them full visibility over all their payments activity. As a direct result of the speed and transparency afforded by gpi, banks using the service have seen a significant reduction in frictions and as much as a 50% fall in their enquiry costs.
Newman added: “As more and more banks see the dramatic enhancements and efficiencies provided by gpi, we’re seeing its adoption grow every day. The rapid delivery of a payment message in less than 30 minutes and the transparency provided by the tracker gives banks’ end customers greater visibility and a substantially enhanced service, allowing goods orders and shipments to be commenced much sooner. “
According to the Standards Release 2018, mandatory changes in the standards for FIN messages will take effect in November. Updates require technical improvements at the level of ABS.
Failure to comply with the new requirements will have a negative impact on the bank's operational processes and on the performance of payment transactions.
ProFIX Company reports that the SWIFT Service Bureau will implement the necessary improvements. SWIFT-administrators in your bank will be notified additionally about the timing, as well as the possibility of testing the updated interface.
It is strongly recommended to contact the developer of your ABS with an update on the readiness to upgrade to the new standard from November 2018.
We also recommend you to familiarize yourself with the materials of the webinar on SR 2018 on the swift.com.