Citi Payments Perspectives

17 Treasury and Trade Solutions Citi Payments Perspectives Global Initiatives Payments Infrastructure Developments Regional Developments (North America) SWIFT Transformation SWIFT has continued its transformation agenda throughout 2021 as they execute on their ambition to create a payment messaging network that is instant, frictionless and 24/7. On December 14, they put out a press release (PR) with an update on the progress of their multiyear Payments Strategic roadmap. The press release is notable in that it highlights SWIFT’s position as an innovation leader in the cross-border payments space and touches upon the key focus areas of SWIFT’s strategy. All 10 of the largest SWIFT Payments institutions by volume have contributed quotes to this PR, further endorsing SWIFT’s leadership and a community-wide approach to innovation. The press release can be found here. 14 SWIFT Platform and ISO 20022 The Transaction Management Platform (TMP) seeks to fundamentally transform the current SWIFT model and move beyond store and forward messaging services to provide comprehensive transaction management services. The key platform features include dynamic API connectivity, ISO 20022 standards, upfront payment validation details (gpi pre-validation) and central management of exceptions (gpi case resolution) with a centralized data model that enables settlement orchestration. This new architecture has the potential to enable a truly instant, certain and near 24/7 cross-border payments experience enabling dynamic interaction between banks and other players across the payments chain. In Other Words • SWIFT transformation could facilitate instant, frictionless 24/7 cross-border payments and enhance end-user experience. • Key features of Transaction Management Platform include dynamic API connectivity and ISO 20022 standards. • Innovations such as gpi Instant, pre-validation and SWIFTGo could deliver significant improvements for end users. All 10 of the largest SWIFT Payments institutions by volume have contributed quotes to this PR, further endorsing SWIFT’s leadership and a community-wide approach to innovation. Continued � Global Initiatives Financial Stability Board (FSB) Enhancing Cross-Border Payments Roadmap Emerging Payments and Digital Assets Payments Infrastructure Developments ISO 20022 SWIFT Transformation Instant Payments Financial Market Infrastructure (FMI) Interlinkage Initiatives Regional Developments (North America) Immediate Cross-Border Payments (IXB) TCH Request for Pay (RFP) Bill Pay Latest on Fed/CHIPS ISO Timelines Lynx — Canadian High-Value Payment System Glossary