Innovation is an ongoing process, and through our R&D programmes and initiatives such as SWIFTLab, Innotribe, and the SWIFT Institute, SWIFT is ideally placed to offer insights into the future of global financial technology and work with our Community to make real world change really happen.
In December 2015, SWIFT announced the global payments innovation (gpi) initiative to dramatically improve the customer experience in cross-border payments by increasing the speed, transparency and end-to-end tracking of cross-border payments.
Over 75 leading transaction banks from Europe, Asia Pacific, Africa and the Americas are already signed up and more are expected to join.
In its first phase, the new service will focus on business-to-business payments. Designed to help corporates grow their international business, improve supplier relationships, and achieve greater treasury efficiencies; the initiative will enable corporates to receive an enhanced payments service directly from their banks, with the following key features:
- Faster, same day use of funds (within the timezone of the receiving member)
- Transparency of fees
- End-to-end payments tracking
- Remittance information transferred unaltered
At Sibos 2016, join SWIFT experts and your peers for thought-provoking discussions, product demonstrations and networking opportunities by following along with the Banking stream, and the dedicated track covering distributed ledger technologies.