Banking News

Swift Partners Veritan for Enhanced Cross Border Payments Capability

(29 April 2024 – Belgium) Banking platform Veritran has announced a new partnership with Swift to enable financial institutions (Fis) with enhanced streamlined cross-border payments functionality.

Veritran’s FI clients will have the capability to offer bank’s corporate clients with access to Swift solutions with a focus on increasing transparency and security in cross-border payments. These include Swift GPI Tracker, which allows CFOs and treasurers to monitor payment tracking for improved transparency in cross-border payments and payment pre-validation, which validates beneficiary data before a payment is sent. East & Partners Global Cash & Payments services reinforces the high level of frustration and antagonism pain points such as poor visibility and a lack of flexibility produce as nominated by CFOs and treasurers themselves.

PYMTS reports that cross-border payments have rebounded alongside global trade, although businesses entering foreign markets often realize that traditional cross-border payment methods, such as wire transfers, are rife with delays and complexities.

“Collaborations such as this are improving the experience for those sending payments cross-border, while also increasing transparency and security to improve the ecosystem as a whole. It’s vital that industry players work together in this way to overcome increasing fragmentation in the cross-border payments landscape” commented Swift Global Head of API Acceleration, Juan Carlos Botrán.