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How Covid-19 has increased the pressure on banks to combat cyber frauds?

While the digital financial space has seen significant growth, the number of fraud cases have also seen a rise. Kiran Shetty, CEO & Regional Head – India & South Asia, SWIFT said that the pandemic has increased the pressure on the banking industry to combat cyber frauds. Click here for the full story

SWIFT announces a new strategy for instant, frictionless payments and securities processing

Mumbai: SWIFT today announces that over the next two years and beyond it will fundamentally transform payments and securities processing, retooling cross-border infrastructure as part of a new strategy approved by its Board to enable the world’s financial institutions to deliver instant and frictionless end-to-end transactions.

The cooperative will expand beyond financial messaging to provide comprehensive transaction management services. This new approach will support and accelerate innovation, paving the way for financial institutions — independently or in collaboration with fintechs — to create new value-added services to support their business growth. In payments, financial institutions will be able to expand offerings to businesses and consumers and enhance the end-customer experience. In securities, financial institutions will benefit from improved reconciliation, reporting and asset servicing processes as well as end-to-end visibility of transactions to reduce settlement fails and fines.

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