Microsoft and SWIFT are making new ground at the Sibos 2018, the worlds premier financial services event, to bring a proof of concept to host SWIFT Infrastructure dubbed SWIFT (IaaS). This will enable native cloud payment transfers on Microsoft Azure to be fast, efficient and secure for banks, corporates, service bureaus, and other payment merchants.
SWIFT is the world’s trusted leading provider of secure financial messaging in more than 200 countries, across more than 11,000 institutions. The secure messaging is sent over the highly secure SWIFT network within each institution. Using Microsoft’s Cloud security and intelligence platform will improve the experience of SWIFT bank transfers. There is more than $1 Billion USD spent in security each year, and Microsoft Azure is paramount to all of the institutions so it makes sense to provide a robust system for the digital age.
Microsoft’s treasury department is piloting this proof of concept as the group manages over $150 billion in assets and supports over $400 billion per year in SWIFT based payments, supporting operations in over 190 countries. This is an exciting move for both Microsoft and SWIFT as the proof of concept is just the start as analytics, workflows and AI are the future for banks and corporates, and with this knowledge they can create reports with trends and insights of what they can do next for future growth.