Swift, innovation and the evolution of cross border payments

In the latest episode of FinTech Focus TV, host Toby sits down with Nick Kerigan, Managing Director and Head of Innovation at Swift, to explore the evolving landscape of cross-border payments, digital assets, and the importance of interoperability in the financial sector. With Swift at the heart of the global payment’s infrastructure, Nick provides an insightful look into how innovation is reshaping the future of financial technology. The discussion covers the transformation in global payments, the significance of digitisation, and the collaborative efforts required to drive industry-wide advancements.

The Role of Swift in Global Payments

Swift has long been a fundamental pillar of the financial services industry, providing a secure and reliable messaging system that enables the movement of value across the world. Nick explains that Swift connects 11,500 banks and corporates across 200 countries, processing an astonishing volume of transactions equivalent to the world’s GDP every three days. Given this massive scale, Swift plays a crucial role in ensuring the seamless transfer of funds across borders, making it a backbone of global financial markets.

With the financial world increasingly moving towards digitisation, Swift has had to evolve rapidly to maintain its relevance in a fast-changing landscape. Nick highlights the organisation’s ongoing efforts to enhance the speed, security, and transparency of cross-border payments. He notes that today, approximately 90% of payments made through Swift reach the beneficiary bank within an hour, a significant improvement from previous years. This accelerated payment experience is part of a broader push towards a frictionless, efficient, and highly secure global financial ecosystem.

Swift and Harrington Starr both play pivotal roles in shaping the future of financial technology, albeit from different perspectives. While Swift is at the heart of the global payments infrastructure, driving innovation in cross-border transactions, digital assets, and financial interoperability, Harrington Starr ensures that the industry has the talent needed to support and accelerate these advancements. As the FinTech sector evolves, businesses require skilled professionals in blockchain development, cloud engineering, cybersecurity, quantitative finance, and payments technology—areas where Harrington Starr excels in recruitment. Together, both organisations contribute to the industry's growth, with Swift leading technological transformation and Harrington Starr providing the expertise needed to implement and sustain these innovations.

Driving Innovation in Cross-Border Payments

As the demand for real-time transactions continues to rise, Swift is heavily invested in innovation. Nick acknowledges that customer expectations have shifted, with digital-first experiences becoming the norm. In an era where consumers expect instant transactions and seamless digital interactions, financial institutions must adapt. Swift, he explains, is ensuring that payments remain fast, transparent, and resilient, reinforcing its position as a trusted infrastructure provider for global finance.

One of the key drivers of innovation at Swift is its commitment to operational resilience. With a 99.99% uptime, Swift guarantees that payments are completed without failure, reinforcing trust in the system. Nick emphasises that resilience is paramount in an increasingly complex financial landscape, particularly as the industry grapples with cybersecurity threats and regulatory challenges.

Embracing Digital Assets and Tokenisation in Financial Technology

The conversation shifts towards one of the most pressing trends in financial services today—tokenisation and digital assets. Nick highlights that tokenisation has the potential to revolutionise financial markets, with estimates predicting that tokenised assets could reach a valuation of £30 trillion by 2030. While it remains to be seen whether these projections will materialise, there is no doubt that digital assets are set to play a major role in the future of finance.

Swift is actively working to bridge the gap between traditional financial infrastructure and emerging digital asset platforms. Nick discusses Swift’s efforts in fostering interoperability between tokenised assets, central bank digital currencies (CBDCs), and existing banking systems. He notes that Swift has been exploring blockchain technology and other distributed ledger innovations to enhance its capabilities and ensure that financial institutions can seamlessly integrate new forms of value transfer into their operations.

One of Swift’s most notable recent initiatives in this space is its collaboration with financial institutions and blockchain providers to enhance interoperability. Nick explains that Swift has conducted experiments using Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to connect public and private blockchains. This approach aims to enable financial institutions to transact across multiple digital asset networks while maintaining regulatory compliance and security.

The Importance of Collaboration in FinTech Innovation

Nick emphasises that collaboration is a cornerstone of Swift’s innovation strategy. Unlike many technology-driven disruptors seeking to replace traditional financial institutions, Swift is focused on working with banks and corporations to drive industry-wide improvements. He highlights that innovation in financial technology is most effective when it is collaborative, rather than isolated.

To illustrate this, Nick discusses Swift’s work on CBDCs, where the organisation has engaged with 38 financial institutions—including 11 central banks and 25 commercial banks—to explore the implications of digital currencies. Through collaborative sandbox initiatives, Swift has facilitated discussions on how digital currencies can be integrated into the existing financial ecosystem. By bringing together industry stakeholders, Swift ensures that technological advancements align with regulatory frameworks and market needs.

This collaborative approach extends beyond Swift’s immediate network, as the company actively participates in shaping global financial standards. Nick explains that Swift has been instrumental in the adoption of ISO 20022, a global standard for electronic data interchange in financial transactions. Now, the organisation is looking to establish similar standards for tokenised assets, ensuring consistency and interoperability across the financial landscape.

How Swift’s Innovation Team is Shaping the Future in Financial Technology

A key highlight of the conversation is Swift’s dedicated innovation team, which Nick leads. With a team of 10 passionate innovators, Swift is constantly exploring new ways to improve financial infrastructure. Nick describes the team as a mix of business and technical experts who work closely with product teams, financial institutions, and technology partners to develop solutions that address industry challenges.

He explains that Swift takes a structured approach to innovation, focusing on three key areas: incremental, disruptive, and transformational changes. Incremental innovation involves continuous enhancements to existing products and services, ensuring that Swift’s offerings remain competitive. Disruptive innovation, on the other hand, challenges traditional models and introduces new approaches to financial services. Lastly, transformational innovation aims to redefine the industry by exploring groundbreaking technologies such as blockchain and AI-driven automation.

Nick also touches on the importance of diversity within the innovation team. He believes that having a range of perspectives fosters creativity and drives better decision-making. By encouraging an open culture of idea-sharing and experimentation, Swift ensures that its innovation efforts remain dynamic and impactful.

Advancing Payments and Driving FinTech Innovation

As the discussion nears its conclusion, Nick reflects on the broader implications of Swift’s innovation efforts. He acknowledges that the financial landscape will continue to evolve rapidly, and adaptability will be key to staying ahead. Swift is committed to providing the necessary infrastructure to support the future of payments, whether through improving cross-border transactions, facilitating digital asset adoption, or enhancing financial interoperability.

Toby and Nick agree that the next few years will be critical for financial institutions as they navigate the complexities of digitisation, regulatory changes, and emerging technologies. While challenges remain, the opportunities for innovation are vast, and companies that embrace change will be best positioned for success.

For those interested in learning more about Swift’s innovation strategy, Nick encourages them to explore Swift’s website or connect with him on LinkedIn. With Swift at the forefront of financial technology evolution, its role in shaping the future of global payments will undoubtedly continue to expand.

Conclusion

This episode of FinTech Focus TV provides an in-depth look at how one of the world’s most established financial institutions is embracing innovation to stay ahead of the curve. Nick Kerigan’s insights into cross-border payments, digital assets, and financial interoperability highlight the importance of adaptability in an era of rapid technological advancement. As FinTech recruitment specialists, Harrington Starr recognises the significance of staying informed on industry trends and fostering a workforce that can drive the future of financial technology. The evolution of global payments is accelerating, and businesses that leverage innovation effectively will be at the forefront of this transformation.

This episode of FinTech Focus TV highlights the critical role of innovation in financial technology, a theme that aligns closely with Harrington Starr’s mission as a leading FinTech recruitment business. As Swift pushes the boundaries of cross-border payments, digital assets, and financial interoperability, the demand for top-tier talent in these specialised areas is higher than ever. Companies looking to navigate the rapidly evolving financial landscape need experts in blockchain development, digital payments infrastructure, cybersecurity, and cloud engineering—all of which are core specialisms of Harrington Starr. By connecting businesses with the best talent in these fields, Harrington Starr ensures firms remain competitive in a space where technology and regulation are constantly shifting.

If your business is growing its FinTech innovation team or you're a professional looking to advance your career in digital payments, blockchain technology, or financial infrastructure, Harrington Starr can help. Our expertise spans software engineering, quantitative finance, infrastructure support, DevOps, and product management, ensuring that we match exceptional talent with the industry's most forward-thinking companies. Explore how we can support your hiring or career journey by visiting Harrington Starr today.