SWIFT, the financial messaging provider for more than 9,700 financial institutions and corporations in 209 countries, is launching SWIFTRemit to address the needs of the global remittance market.

Providing a global platform for person-to-person payments, SWIFTRemit connects banks, money transfer operators, and other types of supervised payment institutions over the SWIFT network. The service provides the remittance industry with a business and technical framework that includes ISO 20022 message standards, to support remittance services worldwide.

With SWIFTRemit, money transfers can be made in cash and to accounts, cards and checks. The service is mobile-friendly and provides for mobile instructed payments, notifications, and payouts, including payments to mobile wallets. In addition to person-to-person payments, SWIFTRemit also supports pension payouts.

Gottfried Leibbrandt, head of marketing at SWIFT, says: “A lack of interoperability and consistent quality standards among existing systems is holding back growth. SWIFTRemit provides a brand-neutral solution that institutions can customise in line with their specific customer and business demands.”

SWIFT’s initial workers’ remittances service was launched regionally in 2009. Nearly 70 financial institutions have already registered for the service and about 25 are already operational.


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