In an effort to resolve disparities in the messaging standard's use, Swift will provide a bank-neutral solution for payment initiation utilizing the ISO 20022 format as part of the initiative.

Additionally, the global cooperative will support member banks in providing their clients with ready-made, white-labeled ISO 20022 payment tracking services via messaging channels or APIs, providing total transparency into the progress of payments and confirmation of their receipt.

Financial institutions will be able to provide the same experience to their business clientele regardless of their own local investment or geographic reach thanks to the standardization of payment tracking data. Currently, tracking information is sent to multi-banked corporates via various channels and in various formats.

Swift's chief strategy officer, Thierry Chilosi, states: "ISO 20022 adoption offers a unique opportunity to improve cross-border payments." Rich data capture at the source will improve the ecosystem as a whole and help us get closer to our objectives of seamless, instantaneous transactions. We're happy to be facilitating our community's ability to offer the advantages to their clients while streamlining and standardizing access to services like monitoring, which are crucial for effective corporate treasury.

The multinational pharmaceutical corporation Roche has effectively integrated Swift's new corporate API channel, and they now have direct access to tracking data for both sent and received payments thanks to a major banking partner.

"Having direct API access to Swift's payment tracking system will provide us more transparency and strengthen our ability to analyze overall payment performance," says Stefan Windisch, global head of Roche's InHouse Bank. It will enable us to improve the clarity of our instructions, spot inefficiencies more clearly, and lessen the depreciation of cross-border payments.

The new features, which will be made available to Swift's larger community later this year, are being implemented and piloted by a large number of the working group's members, according to Chilosi.