This year Sibos landed in Toronto from September 18-21. And as usual, expert speakers provided real inspiration for delegates to take back home at the end of a busy week.
In case you missed any of the action, check out these 10 takeaways from Swift at Sibos 2023. You can also watch all of the sessions on demand via the links below and on the programme page.
1. To meet the needs of consumers and SMEs, collaboration is essential
Low-value cross-border payment volumes have taken off, and financial institutions around the world are evolving their offering to provide consumers and SMEs with the best experience possible. “Our customers are demanding the same kind of experience that they get when sending domestic payments,” said Gayathri Vasudev, Global Head of Cross-Currency Payments at J.P. Morgan.
Key factors for providers to consider include facilitating greater interoperability between instant payment systems, continued technological innovation, decreased costs for end users, and regulatory standardisation. But above all, panellists agreed that working together would likely bring the most progress.
“Technology is not the challenge,” commented Petra Plompen, Senior Manager at EBA Clearing. “We can make fast payments across the world – very fast. There are differences in market practices and standards, but those can be overcome. What we learn is that we really need to do this together to show that we can meet banks’ needs and the needs of their customers too.”
