Corporates

Swift API acknowledges pay later consumer trend

The publication of a ‘Pay Later’ API standard by Swift is further evidence of the ‘componentisation’ of payments, Lu Zurawski, practice lead for retail banking products at ACI Worldwide, said. In January, Swift published an API standard to support the increasingly popular Pay Later online payment facility.

Swift gpi sets milestone

More than $40 trillion was transferred over Swift’s global payments innovation (gpi) system during 2018, Swift has announced. The share of cross-border messaging using gpi rose from 15% at the start of 2018 to 56% by the end of the year. More than 3500 banks, accounting for 85% of Swift’s total payments traffic have committed to adopting gpi.

How to stay relevant

Customer centricity has become a catch phrase in corporate banking but unless the context of corporates’ requirements is understood, financial institutions risk losing out to more customer-focused alternative providers.

Putting trade on the block

There are significant inconsistencies in how the industry is responding to digitisation in trade finance, according to the latest International Chamber of Commerce (ICC) Global Survey on Trade Finance, writes Heather McKenzie.