SWIFT board chairman Yawar Shah said, "SWIFT is stepping up to the requests of the Banking Industry, especially from the Leaders of the Global Transaction Banking Businesses, to foster research in this important area to assist with thought leadership on key strategic matters. It is a limited but important initiative for SWIFT in its role as a global neutral trusted third party."
Subjects to be covered by the Institute include payments, clearing and settlement, cash management, trade financeTrust and Securities. The first research projects to be funded will cover three areas: RMB internationalisation; Financial supply chain management and Banking inclusion
The Institute's output will include white papers, presentations and conference sessions, including at SWIFT's annual Sibos conference, which in 2012 will be held in Osaka, Japan (28 October 28 - 2 November 2012).
Seven industry figures have been appointed to the Institute's advisory council, including Shah and SWIFT CEO Lázaro Campos . The other are:
- Professor Dr R.J. (Ron) Berndsen, Head of Oversight Department, Cash and Payment Systems Division, De Nederlandsche Bank and endowed professor of Financial Infrastructure and Systemic Risk at Tilburg University
- Sir Howard Davies, Professor of Practice. French School of Political Science (Sciences Po)
- Darrell Duffie, Dean Witter Distinguished Professor of Finance at Stanford University Graduate School of Business
- Dr Guillermo Ortiz Martinez, Chairman of Grupo Financiero Banorte-IXE
- John Trundle, CEO, Euroclear UK and Ireland