BNP Paribas, Standard Chartered, Citi and Deutsche Bank are among six global banks preparing to adopting SWIFT’s new platform for international payments flows.

The group of institutions, which also includes Bank of China and Bank of New York Mellon, are preparing to implement the transaction management platform when it goes live in November 2022.

SWIFT, the international payments community which enables standards and communication between financial institutions said the new platform will feature upfront validation of beneficiary details, central management of exceptions, extension of SWIFT’s high-speed gpi rails to lower-value payments and new data services based on the ISO 20022 standard.

The SWIFT gpi network currently connects more than 11,000 institutions and 4 billion accounts across 200 countries worldwide.

SWIFT’s gpi cross-border payments network enables payments to reach beneficiaries within minutes with confirmation when it reaches its final destination.

The enhanced platform will facilitate further innovation, SWIFT said in a statement, with preparations for new services already underway across both payments and securities processing.

Commenting on the move, Pierre Fersztand, global head of cash management, trade and Payments, BNP Paribas said: “A transformation is underway in the world of payments and securities processing. Our customers require transactions that are fast, secure and cost-effective.

"SWIFT’s new platform equips the industry with the tools to innovate and meet the demands of the modern era, allowing institutions to leverage enhanced features and more robust data and analytics to accelerate their own digital transformation and deliver a seamless customer experience.”

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