Reinventing corporate payments
This article covers the theme of digital infrastructure and how corporate payments would change in time to come.
In this session, SFF had Javier Perez-Tasso, the Chief Executive Officer of SWIFT to share his views on corporate payments.
How do you see SWIFT progressing in the coming years?
To begin with, we need to understand that some institutions focus on domestic, some on cross border, some on front end and some more on the back end -- SWIFT has begun building domestic infrastructure in recent years (e.g. new payment platforms in Australia).
Thus, in the coming years, we hope to see SWIFT make end-to-end payment and international payments faster, cheaper, more transparent and more inclusive across the world.
To do that, it is essential to get the fundamentals right. Domestic infrastructure for SWIFT has expanded and we need international infrastructure to help connect the entire ecosystem together.
Likewise at Instamo, our prioritisation of our customers ensures that sending money, paying bills and investing globally are convenient, inexpensive and fast. With our ecosystem created through various partnerships with fintechs and banks, cross-border payment becomes instant and at a low cost.
How important is the structure of SWIFT as a member owned cooperative?
There is a very important role in the backend infrastructure for industry owned players. However, the fact that they are industry owned and overseen by the central banks is a fundamental foundation to create an efficient and robust in-app payment ecosystem across borders.
As a member owned cooperative, innovation helps increase competition and increase value for the end to end consumer. However, this innovation needs to have a foundation that doesn't cut corners and has the necessary controls in terms of compliance. With these in place, this would be where an innovative industry cooperative like SWIFT can power our innovation to ensure that this domestic regional infrastructure are interconnected to interconnect the millions of consumers together.
What's next for SWIFT?
SWIFT hopes to make cross border payments across 4 billion accounts an instant and frictionless process by leveraging infrastructure on a domestic level.
Likewise at Instamo, we deliver cross border payments in a seamless and transparent way. With the use of Blockchain, we are able to record and ensure that funds transfer are transparent, providing our users a sense of security given that they receive real time notifications which track their flow of funds.
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