Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
20th September 2011
SWIFT Letters of Credit automated settlement
Several global major banks are to be amongst the founding users of the SWIFT electronic trade settlement system according to media reports. This will achieve a long held goal of many banks to finally fully automate Letters of Credit.
SWIFT is holding a series of meetings this week to finalise the settlement rules. It is reported that 17 major banks have already agreed to participate. The founders include Bank of China, Deutsche Bank, JPMorgan Chase, Korea Exchange Bank, Mitsubishi UFJ Financial Group and Standard Chartered Bank.
The service will benefit customers by reducing settlements times from 15 days to 3 days under the plan. Customers are hoping for lower fees also.