Patrick Colle, executive chairman of BNP Paribas Securities Services, has been named to Swift’s new 15-member Supervisory Board. The board met for the first time on 6 October, as the cooperative moves to a two-tier governance model built for financial infrastructures.
Colle joins as one of ten shareholder-affiliated directors at a time when the board will set the strategic direction for Swift’s blockchain-based ledger. The ledger is designed to let the industry exchange and interoperate tokenised assets, with funds moving 24/7. Board members will decide how the roadmap grows as new forms of digital value and further use cases emerge. They will also work with management on how post-quantum cryptography and frontier AI will change operations, resilience and cyber defence.
J.P. Morgan’s Graeme Munro chairs the board. It has four independent directors: Dilip Asbe, Burkhard Balz, Inge Boets and Rima Qureshi. They will chair the governance and nomination, audit and finance, risk, and technology and production committees. The other shareholder-affiliated directors come from Mashreq, Citi, Scotiabank, HSBC, Société Générale, Bank of America, MUFG, Standard Chartered and Bank of China (Hong Kong).
A management board chaired by CEO Javier Pérez-Tasso will sit beneath the supervisory board. A 25-member Swift Council will keep shareholders and users involved in strategy, and outgoing board members will move onto it.