Enabling cross-border payments innovation in financial ecosystem
Payment application vendors adopting and integrating global payments innovation (gpi) in their product offering
Gpi standards largely reside in the core back office payment applications of cross-border payment participants. Thus, the payment application vendors undeniably are one of the key enablers in the adoption of gpi by the community of banks worldwide.
SWIFT is working closely to support the payment application vendor community encompass gpi requirements in their core payment application offering.
To bring further transparency to application providers, SWIFT has launched the approved gpi certification programme. This certification programme will test and ensure that gpi capabilities are available in gpi certified payment applications, thereby reducing both time and cost for the banks when they go live with gpi. The programme builds on the successful implementation by several key vendors at nearly 20 global banks that are exchanging tens of thousands cross-border payments everyday using gpi, providing their customers with an enhanced payments experience.
One of the reasons SWIFT gpi is successful is because the gpi rules and standards are integrated in banks’ core back-office payment applications. Vendors are essential to this process, and we welcome more vendors to join this certification programme. For vendors, this certification label will promote their gpi capability to the global banking community. For banks, this means they can go live with gpi even more easily. And for corporates, they will get an even better payments experience. With this approach, everybody wins.
Wim Raymaekers, Head of Banking Markets and SWIFT gpi at SWIFT