Swift Introduces the ISO 20022 Corporate Payment Tracking API Channel

Swift is collaborating with 25 major cash management banks and 20 corporations to develop a white-labelled transaction tracking service for ISO 20022 messages, according to Finextra. This initiative aims to standardize payment tracking across the entire payment chain.

The new program will provide a bank-agnostic solution for payment initiation using the ISO 20022 format. This effort is part of a larger strategy to resolve inconsistencies in the usage of the messaging standard. Swift’s solution will enable member banks to offer their clients white-labelled ISO 20022 payment tracking services via API or messaging channels. This will ensure complete transparency on payment status and confirmation of receipt.

Standardizing payment tracking data will allow financial institutions to provide a consistent experience to their corporate customers, regardless of their geographical location or local investments. Currently, multi-banked corporations receive tracking information through various channels and formats.

Thierry Chilosi, Chief Strategy Officer at Swift, emphasizes the benefits: “Adoption of ISO 20022 provides a unique opportunity to improve cross-border payments. Capturing rich data at source will enhance the entire ecosystem, driving us closer to our goals of instant and frictionless transactions. We’re delighted to be making it easy for our community to extend the benefits to their customers while simplifying and standardising access to services, such as tracking, which are so important to efficient corporate treasury.”

The pharmaceutical giant Roche has successfully implemented Swift’s new corporate API channel. This integration, facilitated by a key banking partner, allows Roche direct access to payment tracking information for their transactions.

Stefan Windisch, Global Head of InHouse Bank at Roche, highlights the advantages: “Having direct API access to Swift’s payment tracking system will provide us with more transparency and strengthen our ability to analyse overall payment performance. It will allow us to refine our instructions, better identify inefficiencies, and minimise erosion of value in cross-border payments.”

Chilosi notes that many members of Swift’s working group are already implementing and piloting the new capabilities, which will be rolled out to the broader community later this year.