Treasury tech update: SWIFT, EY and more

(July 27) SWIFT has launched SWIFT GO a new service for low-value cross-border payments. It is built on SWIFT gpi payment rails and aims to help SMEs make international payments by improving visibility of processing times and cost.

(July 28) SAP is onboarding some of its financial and data management solutions onto IBM Cloud. The partnership aims help corporates manage complex compliance and security requirements while also helping to accelerate digital transformation. The programs to be onboarded include SAP S4/Hana, SAP Adaptive Server Enterprise and SAP IQ software.

(August 4) Interac, along with 13 Canadian financial institutions have rolled out Interac e-Transfer for Business. Based on the Interac’s consumer e-transfer service, the new payment rail can process payments of up to $CAD 25,000 (20,000 USD) and is expected to help digitise 200 million out of 389 million payments that currently use paper cheques.

(August 11) EY and Microsoft are expanding their tech collaboration efforts. Microsoft will be accelerating development of key digital offerings while EY will help clients improve/modernise back-office operations through digitalisation. The partnership is predicted to provide their respective clients an incremental $15bn growth over the next five years.

(August 16) Finastra’s trade finance solution ‘Fusion Trade Innovation’ has been recognised as compatible with SWIFT’s SR2021 standard. The new Category 7 type message standard is set to release in November.