SWIFT Forex market report: FX standards should be improved

June 12, 2019, | AtoZ Markets - According to the recent SWIFT Forex market report, the Forex industry needs to reach high levels of automation in order to operate more efficiently. The world’s leading secure financial messaging services provider emphasized the importance of collaboration with the Forex industry.  

Swift Forex market report in a brief

In the Swift Forex market report dubbed as “The value of standards in the FX markets which was published this Wednesday, the company outlined the importance of the automation of the services in the Forex industry.

The company believes that high levels of automation of the processes in the Forex market can be achieved by greater harmonization through standards.

In its press release, the Belgium-based corporation urges the foreign exchange community to identify the main obstacles of the industry as well as inefficiencies and manual processes which can be elevated through computerization processing.

Among barriers that hinder the straight-through processing on the Forex market, SWIFT mentioned confirming trades by email, fax, and telephone.

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Notable, that SWIFT, outlined that existing messaging standards work well for the FX industry now, there are no boundaries for the improvements.

Nevertheless, Swift Forex market report outlines that in order to keep up with commercial, operational and regulatory changes affecting the global Forex market, further development of standards is a must. The company stressed that this will help ensure continuous efficient operation of the entire sector.

SWIFT officials share their thoughts on the Forex future

While commenting on the Swift Forex market report, Juliette Kennel, Head of Securities and FX Markets, SWIFT, noted, that despite high levels of automation standards in the Forex industry this financial sector must work together to remove the remaining barriers to efficient exchange.

Kennel explained, that “increased levels of automation through more use of and better use of standards will unlock higher operational, commercial and financial performance for all participants in the global FX market.”

SWIFT joins EU blockchain association

It is worth to mention that two years ago SWIFT launched a gpi Blockchain proof of concept (PoC) project as a new standard for cross-border payments.

Then the system was adopted by six founding banks and was aiming to help banks manage significant issues in monitoring and administering their accounts. The essentials of PoC were determined by the rulebook of SWIFT.

In April 2019, SWIFT along with IBM, Ripple, and 100 other firms and organizations joined a newly created EU Blockchain Association to promote adoption of the new technology across Europe. The EU blockchain association INATBA was created to bring together developers and users to promote the blockchain technology widespread use in various sectors.

The global financial services giant is seemingly aiming to embrace the blockchain technology further. SWIFT did not mention exactly in its report how the FX industry automatization standards could be improved. However, SWIFT could offer the blockchain as the solution.

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