The Record - Issue 14: Autumn 2019

78 www. t e c h n o l o g y r e c o r d . c om F E ATUR E P ayments is adeceptively simple termin today’s data-driven world. The payments industry has seen unprecedented transformation, with new market entrants, new technologies and stand- ards such as open banking creating a dynamic and increasingly competitive marketplace. As the theme of Sibos 2019 – thriving in a hyper-connected world – suggests, this is about much more than the fast movement of money. It’s about agile, innovative and digitally enabled busi- ness that builds on rich, data-driven relationships with a vast range of users. And it’s about how financial firms can use a combination of technol- ogies such as application programming interface (API), artificial intelligence (AI) and the immense computing power and scalability of the cloud, to enable a payments world without borders. Member-owned cooperative SWIFT – the financial messaging services provider behind Sibos – is built on collaboration. Last year it joined forces with Microsoft to announce a cloud-native proof of concept to host SWIFT infrastructure and enable native payment trans- fers on Microsoft Azure. Together, the two companies are working to facilitate the future deployment of SWIFT messaging solutions in the cloud, enabling faster, more efficient and secure operations for banks, corporates, service bureaus, and other payments ecosystem players. “At SWIFT, we are using technologies including APIs, cloud and AI to create a cross-border pay- ments experience that is as fast and seamless as domestic systems in some countries,” says Craig Young, chief information officer at SWIFT. “This technology is helping us transform an existing system that already offers unprecedented secu- rity, resilience and universality, with dramatic speed, functionality and transparency.” Constant experimentation with technologies, including distributed ledger technology, enables the organisation to lead the field in payments innovation. “Ultimately, in financial services, technology is an enabler,” says Young. “While APIs may not be that new in other sectors, for instance, their use in financial services is in its advent and bringing about great change in the industry. APIs afford easy connectivity and interchange, so we incorporate them; cloud computing enables Cloud and artificial intelligence technologies are enabling seamless, secure and transparent payment services to meet the demands of a hyper-connected world BY J ACQU I GR I F F I THS Paying forward it “The potential and need for data analytics in the financial industry has grown dramatically over the last decade” C RA I G YOUNG , SW I F T