“SWIFT to eliminate frictions in international payments by upfront verification of account details in real time”
(Website SWIFT, 8 July 2021).
A service from SWIFT that will soon be able to check whether the beneficiary’s account number is correct before a payment is made. A great initiative, however the bottleneck is that not only the payer’s bank must support this SWIFT service, but also the payee’s bank. With about 11,000 banks using SWIFT, it will be a big effort to achieve 75% reliability, let alone 99%.
Read the article on the website of SWIFT
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