Delivering the future of cross-border payments, today
What is the roadmap for SWIFT gpi?
The first phase of SWIFT gpi is focused on improving the speed, transparency and end-to-end tracking of cross-border payments by delivering a solution in the short-term.
Meanwhile, in collaboration with banks and corporates around the world, a strategic yet pragmatic roadmap has been identified, to develop additional optional payments services to deliver further value in the near future. That second phase of SWIFT gpi will enable the digital transformation of cross-border payments, by allowing banks to:
- Immediately stop and recall a payment, no matter where it is in the correspondent banking chain.
- Transfer rich payment data along with the payment, including additional line item details necessary for compliance checks, in an effort to enhance the reconciliation of a payment with multiple invoices.
- Use an international payment assistant at origination, to further increase the straight-through-processing rate of cross-border payments.
For its third phase, SWIFT gpi is already exploring the potential of using new technologies such as distributed ledger technology, in the cross-border payments process.