Thursday, 2 December 2021

SWIFT, EBA Clearing and The Clearing House collaborate to speed up and enhance cross-border payments

5 min read

11 October 2021 – The Immediate Cross-Border Payments (IXB) initiative brings together SWIFT, EBA Clearing and The Clearing House (TCH) to make cross-border payments as seamless as the fastest domestic payment options. The IXB proof of concept (POC) shows that existing regional instant payment systems can be leveraged for cross-border payments and could provide financial institution participants of all sizes with access to a solution for cross-border payments without the need to build and connect to a separate network. By taking advantage of existing infrastructure, technology and standards, the initiative can help to satisfy, in the near term, customer expectations across the globe for a simple and more transparent way to send cross-border payments. 

While 11 banks contributed to the design, seven banks, namely Bank of America, BBVA Group, Citi, HSBC, Intesa Sanpaolo Bank, JPMorgan and PNC Bank, participated in the POC that successfully exchanged payment and confirmation of receipt messages. The IXB uses the new ISO 20022 message standards, which will allow more data to be transmitted across the payment rails.

Re-disseminated by The Asian Banker from The Clearing House

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