Swift to offer new global remittance platform

Called SwiftRemit, the platform connects banks, money transfer operators and other types of supervised payment institutions over Swift's network.

The Society for Worldwide Interbank Financial Telecommunication Swift is preparing to launch a new global platform for person-to-person payments. According to Swift, the solution, called SwiftRemit, connects to banks, money transfer operators and other types of supervised payment institutions over its network.

“Swift Remit offers our customers a unique opportunity to offer a competitive product in the global retail payments market,” said Gottfried Leibbrandt, head of marketing at Swift. “A lack of interoperability and consistent quality standards among existing systems is holding back growth.”

Leibbrandt says the new platform will provide a brand-neutral solution that institutions can customise in line with their specific customer demands.

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