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News from SWIFT at Sibos WRAP UP • EDITION

Equipping the communityPage 3

Stronger together

Page 7

Delivering for the futurePage 5

What have been the most interesting and significant themes for the future of the industry as discussed at Sibos 2017? Javier Pérez-Tasso (JPT): Throughout the week, we heard a lot about the impact of the fourth industrial revolution on the finance industry, with discussion of technology inno-vations ranging from mobile services and cloud computing to artificial intelligence, robotics and distributed ledger technology (DLT). Businesses now expect the same kind of experience, choice and service integra-tion from financial services that consumers already enjoy in their daily lives from the so-called GAFA (Google, Apple, Facebook, Amazon) firms. The industry is responding; innovation is happening. In transaction banking, new entrants are salami-slicing the value chain, powered by pro-competition regulations (e.g. PSD2 in Europe), and lever-aging new technologies such as APIs. This

creates increased competition for banks, but also a whole set of new partners that are fuelling increased collaboration, which was very much evidence in Toronto.

It is also important to remember front-end innovation relies on the underlying interbank infrastructure, which is much less visible, but just as critical, as it provides a scalable foundation. Today, there are three main ingredients for a successful financial market infrastructure. First, it needs to innovative, to allow for technologies that can meet new customer needs; second, it needs to help the industry meet its regulatory require-ments, including financial crime compli-ance; finally, it must be resilient and secure, particularly against cyber-security threats.

Whilst some may argue that building a new infrastructure from scratch allows you to quickly deploy new technology, it is clear from discussions at Sibos 2017 that you can innovate by leveraging existing infra-

structure, thus retaining the industry’s many tangible assets, such as strong gover-nance, operational track record, resilience, security, and global reach.

SWIFT is deeply involved in several infrastructure renewal projects. What are the challenges and opportunities for banks and how are these projects adding value to the end-user?Alain Raes (AR): In Europe SWIFT has been working closely with the commu-nity to migrate to a new settlement plat-form for securities, TARGET2-Securities (T2S). Only in September this year did the final market participants migrate, marking the end of the formal migration plan that started in June 2015. It also marked the end of an enormous project for SWIFT that has required significant investment and turned out to be one of our greatest success stories. Now, 95% of T2S Directly Connected Actors have migrated using the SWIFT solution. Following the final wave, SWIFT’s Value Added Network is carrying more than 85% of live traffic for more than 150 connected participants.

We are equally involved in industry devel-opments in the payments space, both in cross-border payments and in the instant payments (IP) arena. The IP concept has been on the horizon for some time, across many jurisdictions, with discussion of the practicalities intensifying in the last couple of years. SWIFT is supporting IP initiatives

Building on our strengthsJavier Pérez-Tasso, SWIFT’s chief executive for the Americas and UK, and Alain Raes, the cooperative’s chief executive for the EMEA and APAC regions, share their views on the highlights of Sibos 2017 in Toronto and look forward to Sibos 2018 in Sydney.

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2 SWIFT at Sibos I Wrap Up edition 2017

both by reusing our interfacing technolo-gies and designing 24/7 low-latency, high-throughput network solutions.

As IP initiatives come closer to launch, the reality of what it means to execute payments irrevocably in real-time on a truly end-to-end basis is becoming more apparent. It’s not just about offering an app; it goes deep into the banks’ core systems and ledgers, with potentially significant development and investment implications. However, the business intelligence that can be acquired by processing the payment flows provides banks with an opportunity to develop addi-tional revenue streams.

Let’s take the example of Australia’s NPP real-time payments platform, for which SWIFT is a key technology provider. The investment required by the banks to upgrade their systems to facilitate real-time payments is tenfold the investment in the platform itself. When one considers the number of upcoming initiatives, one realises the scale of the challenge will be substantial.

In Europe, multiple clearing and settle-ment mechanisms (CSMs) will provide IP solutions and SWIFT believes it is important that we offer a multi-CSM solution that will enable member banks to connect into any IP system. We will provide a single interface to connect over SWIFT channels to IP systems – whoever the operator may be. However, the solution will not be limited to Europe; the interface will be applicable anywhere. Many of SWIFT’s member banks, particularly the large global institutions, will want to use the same gateway to connect to IP systems anywhere.JPT: On cross-border payments, SWIFT’s global payments innovation (gpi) service is upgrading existing correspondent ‘rails’ to provide same-day funds transfer, end-to-end traceability and transparency of fees. This allows banks to dramatically improve the cross-border end-to-end experience to corporate clients. The service is already gaining strong momentum and has carried more than two million payments since going live earlier this year, with a significant proportion of payments credited to beneficiaries in just a few minutes.

Ultimately, a key aim is to have end-to-end visibility of the payment and end-to-end connectivity of domestic payment systems. With many domestic platforms moving to ISO 20022 standards, the beauty of SWIFT

gpi is that it can make domestic payment system interoperable.

DLT has been a high-profile topic at Sibos for several years. When will its potential be fulfilled? AR: I still believe the technology is coming, but it has not yet reached a sufficient level of maturity, neither in terms of the technology itself, nor the industry’s understanding of the technology and how obstacles to its adoption can be overcome.

One of the major issues is regulation of data. We’re facing an increasingly frag-mented environment from the perspective of data privacy regulation, with many countries requiring customer data be stored within the jurisdiction of origin. DLT – because it stores data centrally – is not consistent with this principle, so users of the technology must find some kind of accommodation.

Nevertheless, many market infrastruc-tures and banks are developing and demon-strating proofs of concept. SWIFT, for example, has been working on a DLT-based nostro-vostro account reconciliation solution, which reflects the wider industry experience of both pros and cons to be addressed.

This is an area which is particularly ripe for collaboration between banks and fintechs. On the one hand, fintechs are very good at solving very specific, niche problems, on the other, banks and market infrastructures have both the scale and reach needed to make solutions commercially viable, as well as the required resilience, governance and security. As such, I believe the challenges facing adoption of DLT-based solutions can be addressed through the collective power of the community.

How are the industry’s concerns over cyber-security evolving? JPT: Cyber-security remains a critical concern for the whole community. Along-side all this innovation, cyber-security concerns are keeping the industry’s feet firmly on the ground. As banks develop new digital services there is a growing number of entry points for cyber-criminals to access systems and customer data. In the cyber-se-curity big issue debate at Sibos 2017, one of the recommended responses was to maintain a ‘cyber mindset’ when developing new products, i.e. to build in cyber-secu-rity protection when innovating. More than ever, the digital age is also the age of risk management. To make an analogy with team sports, you need to be very strong in attack if you want to win the game, but you also need to be incredibly strong in defence. Across the industry, everyone is working to achieve that balance.

How will the industry’s key priorities be reflected through the Asia-Pacific lens of Sibos 2018 in Sydney?AP: Asia is a huge and varied region with many diverse and fast-moving markets, including not only China, Japan, India and Australia, but also the ASEAN region, with almost 800 million consumers. Compared to certain western markets, the compar-ative absence of legacy can increase the speed of adoption of new services and technologies. In China, for example, banks have been almost entirely displaced in the domestic payments business by fintechs such as Tencent and Alipay in a matter of a few years. Meanwhile, Australia is leading by example, not only through NPP, but also through the Australian Securities Exchange’s plans to replace its clearing and settlement system with a block-chain-based solution.

Another measure of the dynamism of the region is the level of interest shown by Asian banks in SWIFT gpi. Of the 120 or so banks already signed up to gpi, more than 20 are Chinese. At the same time, Singapore and Japan continue to be hotbeds of innovation in banking and technology. Such dynamic developments will be reflected in discussion and debate at Sibos in Sydney. It is an ideal time to bring the event back to the region. □

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You can innovate by leveraging existing infrastructure, retaining the industry’s many tangible assets.Javier Pérez-Tasso, SWIFT

The comparative absence of legacy in Asia-Pacific markets can increase the speed of adoption of new services and technologies.Alain Raes, SWIFT

3SWIFT at Sibos I Wrap Up edition 2017

Equipping the communitySWIFT’s financial crime compliance portfolio expands in response to evolving industry needs.

Across its four-day programme, the Sibos 2017 compliance stream echoed the need for change felt by many of the

industry’s financial crime compliance (FCC) professionals. Speakers urged a more coordinated approach across related disciplines, greater informa-tion-sharing and an increased use of technology to facilitate value-added tasks, supporting risk-based strategies and reducing duplication of effort.

This desire to improve the effective-ness and efficiency of banks’ FCC efforts was also reflected throughout a diverse programme of SWIFT Auditorium and SWIFTLab sessions. These highlighted the increasing scope of SWIFT’s FCC product suite, and its synergies with other stra-tegic initiatives, notably SWIFT’s Customer Service Programme (CSP), which supports users’ cyber-security capabilities.

Two key announcements at Sibos also underlined SWIFT’s ongoing commitment to deliver solutions that address the needs of all of its members. SWIFT has aligned The KYC Registry with the Wolfsberg Group’s recently revised Correspondent Banking Due Diligence Questionnaire in an effort to drive global due diligence standards and enable Registry users to save time and costs associated with repetitive data collection.

And in the area of anti-money laundering (AML) checks, SWIFT has expanded its Name Screening service, targeting the need for smaller firms and institutions in emerging markets to prevent financial crime. Since Name Screening can be easily customised to address local regulatory requirements and institutional risk poli-cies, it can support the compliance needs across the payments industry.

On Monday, discussion centred on the use of SWIFT messaging data to support correspondent banks’ due diligence processes. SWIFT launched Compliance Analytics in 2014 to enhance the effec-tiveness of banks’ sanctions and KYC programmes. According to AML managing director Andy Hofmann, Compliance Analytics has helped Canada’s BMO Finan-cial Group tackle specific issues – e.g. ensuring adherence to country sanctions imposed by the US – while also improving efficiency, increasing transparency and reducing risk across its correspondent banking relationships.

As well as identifying dormant relation-ships, Compliance Analytics highlighted exposures to particular countries and insti-tutions, prompting the firm to reassess or revisit existing relationships. “Compliance

Analytics helps us identify problems with our customers before other banks notice them,” said Hofmann, noting also unex-pected benefits to relationship managers seeking new sales opportunities.

SWIFT has now introduced a new module – Correspondent Monitoring – to help banks address money-laundering risks within correspondent banking networks. Correspondent Monitoring allows banks to analyse their SWIFT message traffic to uncover unusual activity patterns and risk exposures within their correspondent banking networks. For example, a user can find out whether it was in receipt of trans-actions originating in a country considered high risk or subject to sanctions via corre-spondents operating in a low-risk jurisdic-tion. Further, the tool’s rules engine can be set to detect and report specific high-risk activity patterns on an ongoing basis.

Correspondent Monitoring was devel-oped specifically to help banks untangle the complexity of correspondent banking transaction chains. Hendrik Ooghe, SWIFT FCC product manager, explained: “Bank A needs to understand whether activi-ties by its counterparty, Bank B, might present hidden risks. For example, is Bank B receiving or sending payments involving high-risk jurisdictions? Correspondent Monitoring helps you understand what kind of flows your correspondent is involved

with, so you can take appropriate compli-ance and risk-control measures.”

Spotlight on fraudOn Thursday the spotlight turned to the fight against fraud, where SWIFT is providing users with controls and insights that will bolster banks’ own resources and support SWIFT CSP’s cyber-security objectives.

As explained by Delphine Masquelier, product manager for financial crime intel-ligence, SWIFT’s Daily Validation Reports provide users with an independent means of checking whether their transaction systems have been altered by cyber-crimi-nals. Users access a SWIFT report to check against their own records for discrepancies that could indicate their defences have been breached. As well as making daily comparisons to identify fraudulent activity, the service also allows users to under-stand trends over time, facilitating compar-isons with traffic volumes and values in prior periods to potentially flag suspicious activity. “The risk reports can focus analysis on specific risk factors, such as high-value or unusual payment types, new combi-nations of parties in a payment chain, or execution outside of normal business hours,” Masquelier added.

Payment Controls will build on these capa-bilities when launched in 2018, providing

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Compliance Analytics helps us identify problems with our customers before other banks notice them.Andy Hofmann, BMO Financial Group


real-time in-network message monitoring of transaction flows, enabling subscribed banks to alert or block payment instructions identified in breach of policy or outside of expectations. Roy Belchamber, product manager at SWIFT, emphasised the bank configurability and flexibility of the service, which can be adapted to reflect evolving risk priorities and business requirements.

Set alongside presentations on individual products and services, a Tuesday session provided ‘high-level’ context, empha-sising the depth of SWIFT’s commitment to meeting the needs of users across the payments and securities sectors. Luc Meurant, head of FCC at SWIFT, explained the need for the cooperative to continue to expand its support for users’ compliance needs through utility-based solutions that address increasing operational complexity, regulatory scrutiny and individual liability, and then outlined the role of a new Senior Advisory Group for compliance.

Evolving from the existing Sanctions Advisory Group, the new broader body will be tasked to ensure SWIFT product devel-opment priorities remain closely targeted on evolving client needs. It is led by two SWIFT board members: Fabrice Denèle (advisory group chair), member of exec-utive committee at Natixis Payment Solu-tions, and Mark Gem (vice-chair), head of compliance at Clearstream.

Speaking in his SWIFT role, Denèle said it was important for the cooperative to broaden the scope and the membership of its advisory group to encompass the widening range of FCC challenges and to

gain input across multiple geographies and product areas. Gem pointed out the paral-lels between the compliance challenges facing payments banks and those faced by the securities services sector – e.g. complex transaction chains that obscure originators and beneficiaries – and noted the need to leverage expertise, experience and tech-nology solutions across traditional silos.

The optimisation of existing and proven assets through application of technology

innovation can be a key element of the industry’s arrival at a more efficient and effective approach to compliance according to Paul Taylor, head of finan-cial crime compliance product marketing, SWIFT. “SWIFT continues to be a driving force behind industry change in compli-ance. By taking an innovative approach to strengthening our product suite we deliver solutions that address the needs of our community.” □


Risk reports can focus analysis on specific risk factors.Delphine Masquelier, SWIFT

Innovation, compliance and security topped the agenda as SWIFT’s chairman, CEO and senior executives provided an update of the cooperative’s strategic priorities at the annual SWIFT Chairpersons Meeting on Sunday 15th September.

Community spirit


Delivering for the future SWIFT’s approach to innovation is strongly grounded in delivering better services to its community and their customers.

Like its users, SWIFT is operating in a fast-changing environment where technology is challenging existing business models and

relationships, in part by facilitating greater competition. How do you respond to the challenge within an organisation like SWIFT? “You have to foster a willingness to try things,” said Harry Newman, head of banking, “and also to go fast.”

This approach is having tangible results in fulfilling SWIFT’s raison d’être of responding to, and even anticipating, the needs of its community of banks, financial institutions, market infrastructures and corporates. Look no further than the global payments inno-vation (gpi) service, which has brought to market in a remarkably short timeframe a platform to improve the efficiency of corre-spondent banking. Participating banks can now deliver cross-border payments for their customers with the speed, transparency and traceability that has come to be expected in an increasingly digitised age. Conceived barely two years ago and operational in January this year, the service is gaining trac-tion fast and currently has over 100 banks in more than 200 countries on board.

Payments innovation was high on the agenda at Sibos 2017 in Toronto. “Banks are looking to leverage their infrastructure investments to increase the value and scope of their offering, while responding to regula-tions such as the second European Payment Services Directive (PSD2), and meeting competitive challenges from payment service providers,” explained Isabelle Olivier, head of securities initiatives and payment market infrastructures at SWIFT.

For example, instant payment services are now available, or being developed, in many domestic markets around the world. These

new infrastructures offer banks an oppor-tunity to develop next-generation products and services on these new rails but first they must integrate and connect their systems.

As well as building instant payments platforms, such as Australia’s NPP, SWIFT is there with industry-level connectivity solutions. In June, SWIFT announced its instant payments gateway will be avail-able by November 2018, enabling banks to connect seamlessly to multiple instant payments systems in the European market, facilitating further interoperability.

SWIFT is also thinking about the incre-mental benefits to be gained from gpi. A roadmap has established timelines for enabling digital transformation of payments which will include, for example, delivery of rich payment data and a stop and recall feature.

Harnessing technology; meeting real needs Strategies for using APIs to deliver on regu-latory change (such as Open Banking in the UK and PSD2 in Europe) and to innovate new services were also discussed at Sibos.

SWIFT is adopting a standardised ‘API + cloud’ approach to leverage the increas-ingly important contribution from fintechs to the development of new banking services. Earlier this year, SWIFT’s Industry Challenge invited the fintech community to brainstorm innovative overlay services for gpi; the two challenge winners1 will work with SWIFT

1 AccessPay,UK andAssemblyPayments,Australia.

We can’t build everything or think of everything – we need to work with other creative minds too.Harry Newman, SWIFT

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over a three-month period to develop their concepts. As Newman observed, “We can’t build everything or think of every-thing – we need to work with other creative minds too to put together better services for our community.”

SWIFT’s cloud-based connectivity solu-tions, such as Alliance Lite 2, are providing users with the agility they need to imple-ment new business models without heavy infrastructure. Cloud is particularly appli-cable to smaller institutions that might previously have needed to outsource.

Olivier stresses that the pace of innova-tion demands something of a new mindset for SWIFT. “Evolving fast in the current envi-ronment is an obligation for us, but the diffi-culty is to identify what will really change the landscape,” she said. “We will always be recognised for the security of our solutions and will never compromise on our core services, but with innovative projects we have to be prepared to test, fail and learn from our mistakes if we want to identify and be ready with the right products.”

The place of distributed ledger tech-nology (DLT) in the future landscape is not yet completely clear, with many collab-orative initiatives working to overcome obstacles to practical applications. SWIFT has been exploring the technology and possible real-world applications for some time, including a proof of concept which is

looking at whether DLT can be effective for real-time nostro account reconciliation, to help banks optimise their global liquidity.

Meanwhile, the speed and transpar-ency that gpi is bringing to the payments market could also be harnessed to tackle inefficiency in the securities value chain, suggests Olivier. One example she sites is providing a status tracker for securities transactions to increase transparency, ease reconciliation and reduce the volume of message traffic currently being exchanged over various networks.

In this respect, SWIFT is adapting quickly to an exciting new technology environment

to support innovation and agility, while also leveraging its own and its users’ existing assets, in terms of robust infrastructure, domain expertise and customer rela-tionships. As Olivier notes, this evolution requires change not only in the services provided by SWIFT, but also in the skills being recruited and the activities that contribute to product development, like the Industry Challenge, SWIFTLab and the user experience lab.

For Newman, Sibos in Toronto reflected a “real sense of starting to marry the new technologies to the real issues”. That is a space where SWIFT will continue to be fully engaged. □

Banks are looking to leverage their infrastructure investments to increase the value and scope of their offering.Isabelle Olivier, SWIFT


Bank Hapoalim’s Alex Fried (top) and Fabien Heilbronn from Banque de Luxembourg were the winners of Sibos 2017’s gpi challenge, responding correctly to questions about gpi while outpacing rival drivers on a virtual reality circuit.

On the right track

Alex Fried

Fabien Heilbronn


Stronger togetherCollective action is the best defence against a cyber-crime, experts agreed across a programme of cyber-security panels and discussions at Sibos 2017.

With the threat landscape rapidly evolving, cyber-se-curity was at the forefront of delegates’ minds in

Toronto. Above all, conversations were dominated by calls for collaboration on cyber-security – inside organisations and across the financial industry.

This theme was at the forefront of the two SWIFT Auditorium sessions on SWIFT’s Customer Security Programme (CSP) and its controls framework. Katleen Claes, head of SWIFT’s Customer Security Controls Framework, provided delegates with an overview of the security controls that every SWIFT user must implement. “SWIFT is working with the community to build a security baseline for the finan-cial industry,” she said. “By introducing a core set of security controls, the CSP will achieve near-term, tangible security gain and risk reduction across the global finan-cial community.”

Claes took the audience through the attestation process that SWIFT users need to complete, underlining the benefits that this can bring to institutions in reinforcing their cyber-security strategies. “The attes-tation process enables users to evaluate their current cyber-defences against the best practices set out in the framework,” she said. “They can identify areas that need attention and build a project to bring their defences up to standard.” Claes concluded by reminding the audience that all users must self-attest their level of compliance with the mandatory security controls by 31 December 2017 using the KYC Registry Security Attestation Application (KYC-SA).

A discussion followed between Stephen Gilderdale, global lead for SWIFT’s CSP and JF Legault, global head of cybersecurity operations at J.P. Morgan, which focused on the challenges financial institutions face in tackling cyber-crime and the opportuni-ties that strong cyber-defences can bring.

Legault highlighted the need for close collaboration inside financial institutions, specifically between cyber-security, opera-tions and business teams. Internal dialogue needs to be regular and ongoing, he said, with cyber-security teams informing the wider business on threats so that teams can work together to evolve security controls and anticipate for the future.

Commenting on the CSP, Legault remarked on how the programme can be linked to existing cyber-security programs and day-to-day activities. ”The controls should not been viewed as a separate set of processes, they are themselves best

practices that can be embedded in a strong cyber-security programme,” he said.

The discussion concluded with a look at the opportunities for institutions to leverage their counterparties’ self-attestation data. Legault noted that counterparty security data is likely to become integrated into risk management processes, alongside know-your-customer, anti-money laundering and sanctions information. “With a multitude of counterparties, it is crucial for J.P. Morgan to manage counterparty risk and we are already looking into how we can embed attestation data into our business deci-sion-making processes,” he said.

Sharing intelligenceCyber-security information-sharing was another key aspect of collaboration running through the sessions at Sibos.

This was tackled head on in ‘SWIFT ISAC portal – cyber-security informa-tion-sharing’, a SWIFT Auditorium session which gathered together a panel of senior chief information security officers (CISOs). The discussion underlined the need for the financial community to share and consume threat intelligence via the SWIFT ISAC portal, as well as other industry forums such as the Financial Services Information Sharing and Analysis Center (FS-ISAC). Speaking on the panel, SWIFT CISO Marc Hofmann said, “Everyone needs to partic-ipate in information-sharing forums. Major payment fraud incidents are cross-border and cross-company, so all parties need to share information and the SWIFT ISAC is a channel for users to stay up-to-date on how to take action.”

The CSP will achieve near-term, tangible security gain and risk reduction across the global financial community.Katleen Claes, SWIFT

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L-R: Stephen Gilderdale, SWIFT; JF Legault, J.P. MorganAnti-fraud toolsRounding off the cyber-security week at Sibos was a SWIFT Auditorium session looking at how users can leverage the cooperative’s new fraud prevention tools to address fraud risks, enforce payment policies and to improve cyber-resilience. Tony Wicks, head of fraud prevention and AML initiatives, SWIFT – alongside SWIFT managers of its Daily Validation Reports and new Payment Controls services – examined how these new tools can supplement users’ existing fraud controls. “SWIFT is providing users with tools to help them prevent and detect fraud. This reduces risk and improves trust

between counterparties. Daily Validation Reports provides users with a simple, fast, independent means of verifying their messaging activity and detecting risks, and Payment Controls – when launched in 2018 – will enable them to screen

and immediately prevent any unusual message flows, in real-time and securely in network,” he said. □For more information about the CSP and how to complete your organisation’s self-attestation, visit swift.com/csp.

We are already looking into how we can embed attestation data into our business decision-making processes.JF Legault, J.P. Morgan

At the closing plenary, team leader Nataliya Mykhaylova accepted a CAD 20,000 prize on behalf of Team Pulse OS from the University of Toronto, winners of the SWIFT Institute Student Cyber-security Challenge 2017, presented by SWIFT’s Javier Pérez-Tasso (left) and Stephan Zimmerman.

Local heroes



SWIFT at Sibos picture gallery | Monday

Four major South African banks sign up for gpi Initiative GroupABSA, FirstRand Bank, Standard Bank and Nedbank were early adopters of the Initiative Group of SWIFT’s global payment innovation (gpi). With gpi set to become the ‘new norm’ in cross-border payments, the South African finance industry is working as a community to make this a huge success. L-R: Denis Kruger, SWIFT; Bernard Carless, FirstRand Bank; Louise Mostert, SWIFT; Shainaz Cassim, Standard Bank; Ilze Prinsloo, Standard Bank; Sean Mouton, ABSA

Successful go live of major corporate on Santander UK’s boarding platformThe boarding platform has been delivered in close collaboration with SWIFT and Santander.L-R: Leo Punt, SWIFT; Alberto Gonzalez, Santander UK; Gema Montoya, SWIFT; Pieter Apers, SWIFT

Hang Seng Bank signs for SWIFT gpi in Asia PacificL-R: Stéphan Levieux, Hang Seng Bank; Russell Jones, SWIFT

BNP Paribas goes live with AMHL-R: Jean-Loup Fabbro, SWIFT; Alban Lapeyronnie, BNP Paribas; Julien Marcais, BNP Paribas; Ferreol Thouzeau, BNP Paribas; Alain Drese, SWIFT



Wells Fargo for SWIFTSmartSWIFTSmart early adopter Wells Fargo is now our biggest user on the eLearning platform, which launched at end of 2016. L-R: Ryan Masters, SWIFT; Michael Knorr, Wells Fargo; Dana Brants, SWIFT

Russia and SWIFT conclude domestic country deal for traffic pricingParticularly beneficial for smaller institutions, SWIFT and the Russian National SWIFT Association (ROSSWIFT) sign traffic pricing deal to support continued growth of Russian domestic usage of SWIFT following strong growth over the past 18 months.L-R (top): Thierry Chilosi, SWIFT; Vadim Kotov, Sberbank; Alexey Maslov, ROSSWIFT; Eddi Astanin, National Settlement Depository; Roman Chernov, ROSSWIFT; Matthieu Deheering, SWIFT L-R (bottom): Elena Chetverikova, VTB Bank; Alla Bakina, Central Bank of Russia; Alisa Melnikova, Central Bank of Russia; Natalia Dirks, Sberbank; Irina Kaplunnik, Gazprombank

Sberbank and SWIFT sign DLT cooperation agreementSberbank and SWIFT sign agreement for cooperation between Sberbank’s DLT Lab and SWIFTLab. In particular, Sberbank joins the cooperative’s DLT gpi proof of concept.L-R: Matthieu Deheering, SWIFT; Larisa Zalomikhina, Sberbank; Stella Kudachkina, Sberbank; Vadim Kotov, Sberbank

Bank of Jiangsu to join SWIFT gpiL-R (top): Vincent Yang, SWIFT; Hui Zhao, Bank of Jiangsu; Daphne Huang, SWIFT; Wim Raymaekers, SWIFT; Tiande Yang, Bank of Jiangsu L-R (bottom): Zhong Jie Cai, Bank of Jiangsu; Xin Yu, Bank of Jiangsu; Ting Wei, Bank of Jiangsu; Li Gao, Bank of Jiangsu



ICBC goes live on gpiL-R: Yanheng Wang, ICBC; Mengyu Han, ICBC; Daphne Huang, SWIFT; Hua Peng, ICBC; Stanley Wachs, SWIFT; Vincent Yang, SWIFT

Banco de Crédito del Perúbecomes first LatAm gpi userL-R: Stanley Wachs, SWIFT; Juan Martinez, SWIFT; Martha Torres, Banco de Crédito del Perú; Andres Arredondo, Banco de Crédito del Perú; Augusto Merkt, Banco de Crédito del Perú; John Taboada, SWIFT

Thailand’s Kasikornbank joins SWIFT gpiL-R: Michael Moon, SWIFT; Sharon Toh, SWIFT; Sarintorn Charuvastr, Kasikornbank; Silawat Santivisat, Kasikornbank

Banks live with SWIFT gpiAll banks that have subscribed to SWIFT’s gpi service



Latin American CSD Caja de Valores publishes security self-attestation ahead of deadlineL-R: Juan Martinez, SWIFT; Alejandro Wyss, Caja de Valores; Alejandro Berney, Caja de Valores; John Taboada, SWIFT

Federation des Caisses Desjardins du Quebec purchases Watch Banking Analytics Premium BundleWatch Banking Analytics Premium will help Federation des Caisses Desjardins du Quebec analyse its cross-border business.L-R: Sarah L’Ortye, SWIFT; Joanna Forman, SWIFT; Louis-Martin Fournier, Federation desCaisses Desjardins du Quebec; Astrid Thorsen, SWIFT

Grupo Santander subscribes to Watch Banking Premium and Business Intelligence services to build gpi strategyGrupo Santander extends its usage of SWIFT Watch Banking products and services to support operations, drive business developments and build its strategy and prioritisation regarding the adoption of gpi both by HQ and on a global basis for all its legal entities. L-R: Astrid Thorsen, SWIFT; Sven Refflinghaus, SWIFT; Stéphanie Rodriguez Aniorte, Santander; Gema Montoya, SWIFT

Sberbank and SWIFT sign MoU to explore AMHL-R: Vadim Kotov, Sberbank; Larisa Zalomikhina, Sberbank; Stella Kudachkina, Sberbank; Matthieu Deheering, SWIFT;

SWIFTNet Instant to provide access to EBA CLEARING’s RT1 systemEBA CLEARING’s Instant Payments Service, RT1, will be launched in November 2017. As of November 2018, users will be able to choose the new SWIFT Instant messaging service to connect to RT1.L-R: Thomas Ramadan, SWIFT; Christian Sarafidis, SWIFT; Hays Littlejohn, EBA Group; Alain Raes, SWIFT; Erwin Kulk, EBA Group

Founding member J.P. Morgan enhances KYC Registry experience for correspondent banksA practical roadmap to successfully adopting the KYC Registry.L-R: Diane Valcic, SWIFT; Jeremy Warren, J.P. Morgan; Holly Johnson Stuhr, J.P. Morgan; Bart Claeys, SWIFT


SWIFT at Sibos picture gallery | Tuesday

L2BA partner BELLIN and SWIFT give warm welcome to their 100th customerThe ongoing Lite2 for Business Applications (L2BA) partnership with BELLIN has been a big success in terms of strong collaboration as well as a remarkable milestone for SWIFT’s indirect sales approach.L-R: Mathias Schotte, SWIFT; Paul Pidoprygora, BELLIN; Sophie Racquet, SWIFT; Sebastian Niemeyer, BELLIN; Marc Delbaere, SWIFT

Siam Commercial Bank is first bank in Thailand to sign up to SWIFT gpiL-R: Michael Moon, SWIFT; Sharon Toh, SWIFT; Pimolpa Suntichok, Siam Commercial Bank; Eddie Haddad, SWIFT

China Minsheng Bank signs MOU for global cash management via SWIFT’s AMHChina Minsheng Bank and SWIFT sign MOU for cooperative willingness to leverage SWIFT AMH for the provision of a global cash management solution. L-R: Vincent Yang, SWIFT; An Yu, China Minsheng Bank; Huande Chen, China Minsheng Bank; Daphne Huang, SWIFT; Alain Raes, SWIFT; Jie Shi, China Minsheng Bank; Hailong Ren, China Minsheng Bank; Jie Xu, China Minsheng Bank; Ming Shang, China Minsheng Bank; Marc Delbaere, SWIFT

Japanese banks connect to Sanctions Screening service via JSOLWith JSOL hosting the Sanctions Screening Connector, 50 banks in Japan are now covered by SWIFT’s Sanctions Screening service. L-R: Tsuyoshi Ogawa, JSOL Corporation; Nicolas Stuckens, SWIFT; Tetsuya Eda, JSOL Corporation; Eddie Haddad, SWIFT; Masatoshi Maekawa, JSOL Corporation; Taichi Funaki, JSOL Corporation; Yasushi Misono, JSOL Corporation; Yuko Ochi, SWIFT



Vietcombank is the first bank in Vietnam to sign up to SWIFT gpiL-R: Thi Chau Hanh Chu, Vietcombank; Thuy Duong Le, Vietcombank; Xuan Thanh Nghiem, Vietcombank; Sharon Toh, SWIFT

ABN Amro signs Compliance Analytics contractL-R: Gijs Schreuder, ABN Amro; Olivier Lens, SWIFT

China Minsheng Bank signs up for SWIFT gpiL-R: Alain Raes, SWIFT; Jie Shi, China Minsheng Bank

ABN Amro SWIFT gpi go liveABN Amro was the first non-pilot bank to go live with gpi.L-R: Charles Bunnik, ABN Amro; Peter Hittinger, ABN Amro; Olivier Lens, SWIFT

Piraeus Bank becomes Watch Premium customer L-R: Erika Toso, SWIFT; Efi Chatziantoniou, Piraeus Bank; Astrid Thorsen, SWIFT

Chilean CCP COMDER signs up for increased usage of SWIFT messaging channelL-R: Miguel Suarez, SWIFT; Felipe Ledermann, COMDER; John Taboada, SWIFT



Indian Banks’ Association delegates meet SWIFT CEO and chairmanL-R: Alain Raes, SWIFT; Sangeeta Shenwai, Indian Banks’ Association; Kiran Shetty, SWIFT; Kishor Kharat, Indian Bank; Mv Nair, SWIFT; Gottfried Leibbrandt, SWIFT; Yawar Shah, SWIFT; Pawan Kumar Bajaj, United Bank of India; Rajkiran Gundyadka Rai, Indian Banks’ Association; Anantharaman Sankara Narayanan Radhamangalam, Vijaya Bank

Bank Opieki management delegation at SibosL-R: Tomasz Grajewski, Bank Opieki; Ilona Pouna, SWIFT; Piotr Karwinski, Bank Opieki; Robert Smuga, Bank Opieki

Northern Trust advocates Alliance Messaging HubNorthern Trust’s Arijit Das spoke in an auditorium session advocating the use of Alliance Messaging Hub.L-R: Dirk Van Achter, SWIFT; Arijit Das, Northern Trust; Pierre Blum, SWIFT

Mashreq Bank is the first MENA Bank to join SWIFT gpiL-R: Rahul Jayakar, Mashreq Bank; Khaled Moharem, SWIFT

Signing of contract for Nordic CSD community pricingDenmark’s VP Securities is the first central securities depository to offer community pricing in the Nordic region.L-R: Stephen Gilderdale, SWIFT; Birger Schmidt, VP Securities; Annika Lindgren, SWIFT



Itau Unibanco self-attests against SWIFT’s Customer Security Controls FrameworkOne of Latin America’s largest financial groups, Itau Unibanco, publishes Security Attestations for the majority of its BICs worldwide. L-R (top): Andre Luiz De Souza Carneiro, Itau Unibanco; Ricardo Augusto Vilella Pacheco, Itau Unibanco; Stephan Krajcer, Itau Unibanco; Roberto Teixeira, Itau Unibanco; Cristiano Cagne, Itau Unibanco; Ervê Retes, Itau Unibanco; Carlos Carneiro, Itau Unibanco; L-R (bottom): Omar Lago-Rodriguez, SWIFT; Ignacio Blanco, SWIFT; Lai Ling, Itau Unibanco; Yumi Matsubara, Itau Unibanco; Carlos Ferreira de Araújo, Itau Unibanco; Robinson Christianini Marchini, Itau Unibanco

UBS joins SWIFT gpi intiativeL-R: Astrid Coppens, SWIFT; Natalia Blatter, UBS; Raffaele Esposito, SWIFT

J.P. Morgan subscribes to SWIFT Watch Banking Analytics PremiumL-R: Diane Valcic, SWIFT; John Hunter, J.P.Morgan; Joanna Forman, SWIFT

SWIFT national member groups support Caribbean communities with CSP awarenessL-R: Charles A. Mouttet, Republic Bank; Omar Lago-Rodriguez, SWIFT; Glensher G. Maduro, Centrale Bank van Curaçao en Sint Maarten; Gabe Soriano, SWIFT

J.P. Morgan goes live with SWIFT gpiL-R: Stanley Wachs, SWIFT; John Hunter, J.P. Morgan; Diane Valcic, SWIFT


SWIFT at Sibos picture gallery | Tuesday-Wednesday

BNP Paribas upgrades to MyStandards global licenceL-R: Steven Lenaerts, BNP Paribas; Jean-Loup Fabbro, SWIFT; Axelle Wurmser, BNP Paribas; Frederic Croue, BNP Paribas; Fabien Depasse, SWIFT; Alban Lapeyronnie, BNP Paribas

Bank of Yinzhou joins SWIFT gpi L-R: Daphne Huang, SWIFT; Eddie Haddad,SWIFT; Yongsheng Lin, Bank of Yinzhou; Qiong Xu, Bank of Yinzhou; Xiao Yu, Bank of Yinzhou

Crédit Agricole subscribes to SWIFT gpiL-R: Arnaud Delehaye, SWIFT; Michel Azard, Crédit Agricole; Patrick Simonin, Crédit Agricole; Etienne Bernard, Crédit Agricole; Stanley Wachs, SWIFT; Frederic Poizat, Crédit Agricole

SMBC live on SWIFT gpiSumitomo Mitsui Banking Corporation (SMBC) goes live on gpi from 10th October 2017.L-R: Stanley Wachs, SWIFT; Yuko Ochi, SWIFT; Tomoyasu Onai, SMBC; Kawagoe Hiroshi, SMBC; Eddie Haddad, SWIFT

Nordea for SWIFTSmartNordea was an early adopter of SWIFTSmart, which was launched at the end of last year.L-R: Annika Lindgren, SWIFT; Tomas Moberg, Nordea Bank; Dana Brants, SWIFT


SWIFT at Sibos picture gallery | Wednesday

Societe Generale renews fixed fee agreement with SWIFTSociete Generale Group is renewing its fixed fee contract with SWIFT for messaging services. The programme enables banks to grow messaging volumes while locking in cost certainty and providing for future messaging growth. L-R: Thierry Chilosi, SWIFT; Laurent Lafeuillade, Société Générale; Frantz Teissedre, Société Générale; Bruno Prigent, Société Générale; Pascal Auge, Société Générale; Arnaud Delehaye, SWIFT; Eric De Gay de Nexon, Société Générale

SEB’s SWIFT gpi signingSEB joins the SWIFT gpi initiative.L-R: Annika Lindgren, SWIFT; Ilma Mazeikiene, SEB; Paula da Silva, SEB; Harry Newman, SWIFT

CIBC selects SWIFT’s Sanctions Testing Service for its sanctions programmeCIBC partners with SWIFT to enable its sanctions transformation programme and implement best practices around quality and effectiveness assurance.L-R: Gloria Vargas, SWIFT; Stephen Alsace, CIBC; Paul Taylor, SWIFT

Bangladesh User Group at SibosL-R: Alain Raes, SWIFT; Shamim Ara Khanom, guest of chairperson; Arfan Ali, Bank Asia; Kiran Shetty, SWIFT; Eddie Haddad, SWIFT

Bangkok Bank in Thailand joins SWIFT gpiL-R: Sharon Toh, Head of ASEAN Region, SWIFT; Choopong Tanaphongsatorn, Bangkok Bank; Pongbhoka Buddhi-Baedya, Bangkok Bank; Eddie Haddad, SWIFT


SWIFT at Sibos picture gallery | Wednesday

Punjab National Bank signs up for gpiL-R: Subhash Grover, Indian Banks’ Association; Mohan Tanksale, SWIFT; Alain Raes, SWIFT; Debadatta Chand, Indian Banks’ Association; Mv Nair, SWIFT; Sunil Koul, Punjab National Bank; Eddie Haddad, SWIFT

Mexican CSD Indeval becomes first in LatAm to sign up to SWIFT AMHIn December 2016, Indeval signed up to SWIFT’s Alliance Messaging Hub (AMH) project, which is expected to transform the Mexican securities industry whilst pushing SWIFT as the domestic standard. L-R: Ignacio Blanco, SWIFT; Roberto Gonzalez, Mexico; Juan Martinez; SWIFT

VPS signs contract for Nordic CSD community pricingIn an important step for the Nordic community, Norwegian central securities depository VPS signs for Nordic CSD community pricing.L-R: Carlo Palmers, SWIFT; Sveinung Dyrdal, VPS; Annika Lindgren, SWIFT

SMBC signs up for SWIFT Premium Custom SupportSumitomo Mitsui Banking Corporation (SMBC) reinforces its SWIFT operations with SWIFT Premium Custom Support, which will enable SMBC to better serve customers utilising the SWIFT platform.L-R: Yuko Ochi, SWIFT; Tomoyasu Onai, SMBC; Kawagoe Hiroshi, SMBC; Eddie Haddad, SWIFT

INTL FCStone gains fact-based analytics with Watch Banking PremiumINTL FCStone subscribed to the Watch Banking portfolio to access fact-based data, demonstrate its strong market position and look to future business developments.L-R: Gregory Vincent, INTL FCStone; Sarah L’Ortye, SWIFT; Clayton McDonald, INTL FCStone; Astrid Thorsen, SWIFT; Prashant Joshi, INTL FCStone


Publisher: Louise Herbert, SWIFT □ Managing editor: Alex Shephard, SWIFT; [email protected]; Tel: +44 (0) 207 762 2154 □ Picture editor: Tamara George; [email protected]; Tel: +32 472 99 61 08. SWIFT at Sibos is written and produced by Making Markets on behalf of SWIFT □ Printed by Innovative Print Solutions Pte Ltd. Legal notice: SWIFT © 2017 Reproduction is authorised with acknowledgement of source. All other rights reserved. □ SWIFT, the SWIFT logo, Sibos, Accord, SWIFTReady, and SWIFTNet are registered trademarks of SWIFT. Photographs feature SWIFT employees, customers and partners. □

Celebrating Canada’s 150th anniversary – Sibos-style!SWIFT director and RBC vice-president for business deposits and treasury solutions Lisa Lansdowne-Higgins gets the traditional Thursday night party under way at Sibos 2017 by cutting a cake celebrating Canada’s 150th anniversary.

SWIFT Auditorium in numbers

Three most attended sessions:

21SWIFT Auditorium sessions 84 speakers 2017delegates

158The SWIFT gpi roadmap – More value

around the corner

171SWIFT gpi - Time to join!

The KYC Registry – compliance

efficiency at work

177

building on our strengths - swift

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