Nordea joins best in class for SWIFT pilot

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07-04-16 10:00 | In the media

In December, SWIFT launched its global payments innovation initiative (gpii), with the ambitious objective to deliver a new global standard in cross-border payments. Since then, Nordea and 45 major banks from across the world, controlling approximately 69% of worldwide payment traffic, have signed up to the initiative.

In February, 22 of these banks gathered in Brussels to determine the scope, technical requirements and planning of SWIFT’s first gpii pilot.

As early adopters of this technology, Nordea was chosen as one of five ‘best in class’ global banks to test all three aspects of the initiative’s iterative design and testing. This gives us the unique opportunity to establish our processes ahead of not only our Nordic competitors, but worldwide.

A related pilot, featuring 21 banks including Nordea, began in early April and will run through to December with the first results being shared at Sibos in Geneva in September.

Tomas Moberg from Transaction Banking represented Nordea in Brussels and is heading up the gpii pilot which will run throughout 2016. Initial results will be shared more broadly in September at the 2016 SIBOS conference in Geneva.

"It’s a great opportunity for Nordea to be part of the ‘best in class’ group of banks leading this pilot. It means we can test the innovations around payment confirmations and payment tracking in a test and live environment and position ourselves as a first mover in the banking industry, says Tomas Moberg, global product and process manager," Transaction Banking.

"We’re excited to be part of the SWIFT-coordinated global payments innovation initiative, which we believe will deliver tangible benefits to customers, while setting a new standard in cross-border payments", says Erik Zingmark, head of Transaction Banking, Payments & Liquidity Services.