🔥 Oh, this keyword came up from Japan! SWIFT × ISO 20022 In the press release announcing Tottori Bank’s partnership with SBI Remit, both terms were clearly highlighted. Here’s a summary: Banking industry challenges: 🔹 Heavy administrative burden associated with small-value international transfers via SWIFT 🔹 Operational load increasing further due to ISO 20022 compliance → Solved by outsourcing SWIFT operations to SBI Remit Goals of the partnership: 🔹 Significant reduction in SWIFT-related operations 🔹 Cost containment for ISO 20022 compliance 🔹 Offer customers lower fees and faster transfers This marks the 26th regional bank to form such a partnership 👏 We can expect more banks to follow suit, adopting similar strategies to address SWIFT and ISO 20022 challenges ✨ Change is coming 👀
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