Swift Services
Securely communicate, reconcile and manage global financial transactions. Our Swift-certified service bureau provides a comprehensive connection to Swift and other networks.
The results are ‘in’ from over 500 banking and non-banking financial institution players across Treasury, Fraud, Operations, Innovation, Product, and Technical Implementation at C-Level in 32 countries globally. The breakdown by region: 36% APAC, 29% Europe, 11% North America, 11% UK, 9% Middle East & Africa, and 4% LATAM.
Across 11 insights, get visibility on how your strategy and pain points compare with your peers in banking and payments. How do you measure up in meeting customer expectations and in your digital payments modernization strategy?
This report is built on a peer-based, benchmarking survey to see how executives and their companies met customer expectations and progressed toward achieving their digital payments transformation strategy. Topics covered include real-time/instant payments, cross-border payments, ISO 20022 messaging, transitioning from on-premise to SaaS, compliance and regulation, cash positioning and fraud monitoring.
“Evident by Visa research which suggests up to 70% of businesses surveyed have cross-border payment pain points - including payment predictability, value clarity, and visibility - it’s still clear many companies and individuals continue to face money movement challenges that can ultimately hurt businesses’ bottom lines and the global economy. Through offerings like Visa B2B Connect, Visa is committed to helping our clients serve corporations and businesses to efficiently move money around the world at scale."
Ben Ellis, Global Head, Visa B2B Connect
"59% need to get their skates on when it comes to ISO20022 implementation"
Only 13% of respondents have implemented ISO20022, whilst the rest are anywhere between mid-way through to still looking for information. With the testing windows opening in February 2022 and slots limited, this shows that many banks may have underestimated the urgency and complexity of the migration.
"65% of respondents say digital transformation is the biggest focus for their business"
Nearly a quarter of banks and FIs are somewhat or highly skeptical of their institution’s digital transformation and modernization strategy. This is despite this ranking as the biggest focus for their business at the moment. This would indicate that a significant proportion of FIs need better support internally from the top down to accelerate change and address legacy infrastructure.
"75% have a strong appetite to transition towards a payments ecosystem over the next 5 years"
Connected finance is an important theme. This would suggest a strong use case for having a connectivity solution that helps remove silos in FIs.
"64% think that RegTech will become more important in the next 12 months"
FIs now see RegTech and the best practices it demands as a positive in terms of what it can do to support interoperability and Data (ISO20022), best practice (Latency for real-time, COP for fraud) and easier access models (PSD2, Open Banking, UK Faster Payments Access Models).
