A new web-based tool developed jointly between Swift and a group of pilot users provides a comprehensive mechanism for financial institutions to communicate service information with their customers, as well as improve internal management of standards and market practices. Called MyStandards, the tool will be available generally next year, but initial reports from the pilot [...]
By Margaret Cappa On the day the International Monetary Fund (IMF) said sovereign stress in the euro area had spilled over to banking systems, Rick Waugh, president and chief executive of Scotiabank, said a tight hand on the purse strings had helped the bank to some “considerable” success during the economic crisis. Attention to costs [...]
Swift and the Banking Commission of the International Chamber of Commerce (ICC) yesterday signed a cooperation agreement that will enable industry-wide adoption of the Bank Payment Obligation (BPO), which is an irrevocable conditional undertaking to pay given from one bank to another. The BPO is an alternative means of settlement in international trade and provides [...]
