The Bank for International Settlements and Swift are to run an ISO 20022 and API hackathon in a global search for new ways to make cross-border payments faster, cheaper and more transparent.
Hosted by the BIS Innovation Hub and interbank network Swift, the seven-day virtual hackathon invites participating teams from banks, fintechs, payment service providers and corporates, to develop and showcase solutions that improve cross-border payments.
Set for adoption by at least 90% of the world's public and private high-value networks over the next four years, the new messaging standard, in combination with APIs, can address multiple pain points hobbling cross-border payment flows, including sanctions checking, AML & identity, invoice reconciliation, message translation, and end user transparency of speed and fees.