SWIFT initiates new strategy to broaden transaction management

Proof of Concept launched to determine if distributed ledger technology could help banks reconcile their nostro databases in real time.

Data shows that banks around the world are reducing their correspondent banking relationships with a focus on perceived higher-risk jurisdictions, including Africa.

Organisation will hold inaugural meeting ahead of African Regional Conference in Balaclava.

Increase in number of entries into global competition reflects continent's emerging, stronger FinTech ecosystem.

The African representation for SWIFT Innotribe has increased from 1% to 13% this year.

Data is what fintech startups are banking on as they seek out investors, partnerships.

African countries such as Angola, Ghana and Sierra Leone count among its clients.

SWIFT says its African business growth is outpacing its global market.

Payments technology organisation sees particularly strong adoption in the West African nation.

Country's central bank is the fourth in Africa to adopt SWIFT technology that screens customers.

Nation has become the twentieth in Africa to adopt the system for both local and global use.