The digital transformation of cross-border payments

In collaboration with the banking and corporate communities, SWIFT is designing additional payment services for delivering further enhancements in cross-border payments

The digital transformation of cross-border payments

The digital transformation of cross-border payments is the second phase of SWIFT gpi. This comprises 3 service level agreements (SLAs) that will enable gpi banks to offer following services to their corporate clients:

  1. Stop and Recall Payment service: A service enabling payments to be stopped immediately, no matter where they are in the correspondent banking chain
  2. Rich Payment Data Transfer service: A service enabling the transfer of 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.
  3. International Payment Assistant service: A service helping corporates ensure they initiate error-free cross-border payment instructions and further improve the straight-through processing of payments

These services will provide an enhanced corporate experience through new shared digital services and technologies.

The digital transformation of cross-border payments is part of the wider SWIFT gpi initiative which brings together the world’s leading transaction banks from Europe, Asia Pacific, Africa and the Americas to significantly improve cross-border payments.

Click here to learn more about SWIFT gpi.

Stop and Recall Payment

A service enabling payments to be stopped immediately, no matter where they are in the correspondent banking chain, which can also help to stop fraud.

Rich Payment Data Transfer

A service enabling the transfer of rich payment data along with the payment, including additional line item details necessary for compliance checks, to enhance the reconciliation of a payment with multiple invoices.

International Payment Assistant

A service helping corporates ensure they generate error-free cross-border payment instructions and further improve the straight-through processing of payments.