SWIFT Moves To The Cloud

SWIFT and Microsoft have partnered with Bank of New York Mellon (BNY Mellon) to finalize the trial of Cloud Connect, a new payments solution, BNY Mellon announced in a press release on Tuesday (Sept. 24).

Cloud Connect hosts SWIFT infrastructure and enables payment transfers via Microsoft Azure. The new solution will service SWIFT’s 11,000 financial institutions in over 200 countries.

“We focus on delivering world-class solutions that exceed our clients’ expectations,” said Bank of New York Mellon Treasury Services CEO Paul Camp. “Now, helping make SWIFT Cloud Connect real, we are pleased to collaborate with Microsoft to leverage their cloud expertise and advance the frontiers of financial technology, offering a new level of service for SWIFT participants.”

Prior to offering this new capability, financial institutions on the SWIFT network were required to have the technology located on-site. Using a cloud-based solution will boost transaction speed, consistency and security.

“Cloud computing is a key enabler of a faster, frictionless future and a powerful catalyst for innovative new services,” said Craig Young, chief information officer at SWIFT. “Our community is seizing its potential, and we are committed to supporting them with a range of connectivity options reflecting their diverse approaches and breadth of needs.”

Microsoft’s treasury group processes in excess of $400 billion in SWIFT-based transactions annually.

“From a treasury perspective, the deployment of SWIFT messaging solutions in the cloud enables faster, more efficient and secure payment operations for all concerned,” said Microsoft Corporate VP and treasurer George Zinn. “Having our trusted payments service provider BNY Mellon validate the capabilities of SWIFT Cloud Connect on Azure was an important validation point for us, and we look forward to working with BNY Mellon Treasury Services to ensure we continue to deploy the best possible payment solutions now and in [the] future.”

SWIFT announced on Monday (Sept. 23) that its gpi service can now be integrated into domestic real-time payment systems, enabling banks to wield gpi for real-time, cross-border payments. The capability focuses on boosting transparency of foreign exchange and other fees for payers while promoting ubiquity by operating a real-time payments service on existing rails.