SWIFT Launches New Workers Remittance Service Framework
SWIFT has launched a new framework for banks to develop their workers’ remittance service. The framework consists of contract templates, a market practice for service levels and product definitions, reference data services, ISO 20022 standards and a cost-effective messaging service.
Using SWIFT’s service, banks can now deliver a robust value proposition to their customers. The common market practice allows banks to provide cost and time transparency to customers. Contract templates, reference data and XML standards enable banks to use any payment product at both ends of the transaction in an efficient way, thus saving cost and reducing time to set up new counterparts. Finally, the service is commercially neutral, giving banks total flexibility in consumer branding, pricing and foreign exchange for these payments.
“SWIFT delivered an excellent set of tools to make the service easy to understand and use for both business and technical users in financial institutions,” said Arthur Cousins, Standard Bank of South Africa, who led an advisory group that defined the service requirements.
“Banks will find this service attractive as it provides a cost-efficient framework between banks while allowing innovation and competition in the retail space,” added Luc Meurant, head of banking markets at SWIFT.