SWIFT Enabling The Future: A Payments Industry Vision
SWIFT Enabling The Future: A Payments Industry Vision
SWIFT Enabling The Future: A Payments Industry Vision
Scale of Tokenised
• Payment MI interlinking continues to pick up speed in efforts to Assets
Opportunity
address FSB/CPMI cross-border payment building blocks or Threat “As-a-Service” FCC
transactions move to digital platforms for e-commerce and Trade Digital DeFi
Identity
Open
• Collaboration and co-opetition are in full effect as companies Financial
Banking
Inclusion
increasingly partner, acquire, invest, and compete
Domestic
Instant
• Business and operating model alignment within Securities Payment Cryptocurrency
Systems
firms to adapt to a changing market environment
Low BNPL
Core & • Core to SWIFT enabling interoperability between payment MIs and CBDCs
including interlinking. Several models can be considered, not mutually exclusive
Interoperability • Requires interoperability at business, technical, and legal level – important
industry action required
2 With our securities clients looking to leverage the potential of a new USD 24trn market by 2027,
we are advanced in a collaborative experiment to connect tokenized asset platforms (source Finoa)
Tokenised Assets • Working together with Clearstream, Northern Trust and a major global custodian
• Demonstrating the feasibility of harmonised access and orchestration for tokenized assets through SWIFT
• Showing tokenization, detokenization, and DvP settlement – incl. movement over multiple token platforms
3 With AI emerging at enterprise scale, we are aiming to demonstrate its benefits through a
transformational new AI platform for the financial industry
AI • Actively working to bring the platform to production, with anomaly detection as the exemplar use case
• Collaborating with advanced research institutes to enhance AI speed and accuracy
• Exploring the potential of federated AI, together with major clients
Lower cost
1. Remove free format ‘D’ options from MT 305/306 & MT 600/601 party fields
̶ To align with MT300/304 changes made in 2019
̶ Objective was to improve STP
2. Incorporate ISDA Benchmark Supplement in legal agreements for trades
Industry Requirements section and field 14C in MT 300, 304, 305, 306, 340, 360, 361
3. Add support for cash-settled forwards and options, aligned with new ISDA
provisions for these instruments.
̶ Extension of support for NDFs
Sequence A – ctd.
Non-Deliverable Indicator :17F:Y Mnemonics to be
NDF Open Indicator :17O:Y defined
Settlement Currency :32E:GBP
Valuation Date :30U:20220128
Settlement Rate Source :14S:SCC01
Calculation Agent :26K:JOIN
Sequence B Transaction Details :15B:
ISO 24165 DTI
Trade Date :30T:20211201
identifier and optional
Value Date :30V:20220201 description
Exchange Rate :36:4676,3216
Digital Token Identifier :35C:X134/Sample coins
Subsequence B1 – Amount Bought Currency, Amount :32B:GBP116908,04
Receiving Agent :57A:SBOSGB2L XXX ISO 4217
Subsequence B2 – Amount Sold Currency, Amount :33B:XXX25, currency code in place
Receiving Agent :57J:/NOSI/NDFS of digital currency code
SWIFT Update - ECB OMG June 2022 9
SR 2023 – potential changes
2 3
4 6 camt.057
2 3
4 6 camt.057