This IDC Perspective discusses SWIFT's announcement to develop and launch a global, cross-border, real-time payments system in the next two years. The system represents a major strategic shift for SWIFT. Advancement in the payments industry, especially around real-time payments, and the adoption of the ISO 20022 messaging standard are driving the change. While success is not guaranteed, the planned system will have an impact on cross-border payments. Banks and their technology suppliers should be prepared to leverage the capabilities of the system.
According to Aaron Press, research director, Worldwide Payment Strategies at IDC, "SWIFT's plan to deliver a global real-time payment rail is an aggressive move to retain leadership in cross-border payments. With its global reach and established connections, the announcement will have ripple effects across the industry."