Bank of America, JPMorgan Chase join new Swift framework

Bank of America and JPMorgan Chase are adopting a new Swift framework designed to make cross-border and domestic payments happen almost instantly. For retailers and operators, this is a major step toward a future where waiting days for funds to clear becomes a thing of the past. The system aims to compete directly with stablecoins and blockchain tech by making traditional bank transfers faster and more transparent. What this means for your business is a potential reduction in settlement times and lower operational friction. When large lenders adopt these standards, it often leads to better liquidity management for merchants. You may soon see payment processors offering faster payouts or 'instant' settlement options backed by this infrastructure. It also signals that major banks are getting aggressive about modernizing the plumbing of the financial system to keep up with fintech and crypto competitors. While you don't need to change your point-of-sale systems today, keep an eye on your merchant service providers. They will likely use this technology to offer you quicker access to your cash in the near future.

Source: American Banker — Top News

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