It’s not a secret that SWIFT has great and wonderful plans for its account-to-account functionality ever since their surprising reveal last month, yet the announcement only really began making waves in the headlines very recently. Many reports on said topic have repeatedly stated that this move by the payments messaging company positions the firm well in taking on the world’s payment giants: Mastercard and Visa.
SWIFT’s main goal for their innovative account-to-account solution is basically to streamline and accelerate all domestic and cross-border transactions not just because of the current state of the world but is mainly due to the company’s so-called initiative for an ambitious platform expansion that will enable them to support financial institutions to strengthen their positions in B2B payments.
The importance of SWIFT expanding into the SMB payments arena beyond high-value complex corporate transactions is without a doubt a great move on their part, what with Visa and Mastercard each having made significant investments to capture more of this exact segment through an array of payment systems including card, ACH, and all their other respective proprietary networks. Joining this kind of a competitive landscape is no joke which is why SWIFT aims to greatly overhaul the payment rail status quo while all the other payments-related financial tech firms are either innovating on top of already existing rails or looking to bypass legacy networks altogether with entirely new solutions.
News on World Finance brought to you by:
Stay updated with our latest news: