SWIFT, the financial messaging and payment company based in Belgium, is developing a global network for facilitating cross-border bank account based payments with 73 financial institutions already on board. Trials for B2B payments are already underway, including a portal for tracking when payments are confirmed and cleared. The participating banks account for 75 percent of cross-border payments on the SWIFT network.
Barclays, Bank of America, Bank of China, RBC, JPMorgan Chase and Wells Fargo are just a handful of the major banks onboard with SWIFT’s global payment initiative.
