The Society for Worldwide Interbank Financial Telecommunication (Swift) is giving its IT development and operational activities separate leaders as its CIO retires.
In June 2014, Swift announced that Mike Fish, a 15-year veteran at the company, was retiring. He had been CIO since 2006.
Swift is a not-for-profit co-operative which began in 1973, with 239 banks on board from the start. Swift’s network, known as Swift FIN, sends an average of 17 million financial transaction messages between banks every day across 209 countries. About 10,000 financial services businesses use the network. In 2010, it processed more than four billion financial transactions.
Craig Young, who joins from Verizon Communications, will head up IT development as chief technology officer, while an internal promotion sees Marcel Bronmans become chief operations officer.
“The re-organisation is designed to bring the company’s IT development and operational activities together in the two new divisions to maximise effectiveness and efficiency in these key disciplines,” said Swift.
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The Swift operation – its network – sends millions of financial transaction messages between banks every day across hundreds of countries. It also develops technology-based services for its banking membership.
For example, it recently developed an application that analyses payment data to help identify possible financial crimes. The Compliance Analytics business intelligence system enables banks to analyse their own traffic on the Swift network and identify anomalies in behaviour as well as unusual patterns or trends in traffic flows.
Swift has also proposed developments such as an identity management system and an app store to provide cloud-based community services to banks.