Payments News

SWIFT Reveals New API Standard For Pre-Authorization Of Funds

Sep 05, 2019

A new API standard for the pre-authorization of funds is being rolled out by SWIFT, clearing a path for a revolution in financial services enabled by open banking, the company said in a press release on Thursday (Sept. 5).

API standards accelerate the introduction of new services. With this latest standard, a payer’s bank can designate funds in advance, assuring upcoming payments will clear. 

Read the full article.