Delivering the future of cross-border payments
Banks around the world are working with SWIFT to deliver the global payments innovation (gpi) initiative and create the next era for correspondent banking.
The initiative is a robust response to evolving bank and corporate needs for enhanced customer service and operational efficiency. And it delivers an enhanced value proposition for correspondent banking by addressing key challenges facing the industry:
- Demand for faster and more transparent cross-border transactions is growing
- Corporates want richer remittance data transfers
- The costs of maintaining and ensuring compliance of correspondent banking networks are increasing
- Digital innovators are competing with traditional providers
At the heart of the initiative lies a multilateral rulebook of service levels for participating banks that commits them to improved customer service standards.
Meeting the needs of corporate treasurers
Corporates looking for same-day value, pricing transparency, end-to-end tracking and rich payments information across their cross-border payments, can now rely on the gpi customer credit transfer service
Working towards a multilateral service level agreement for intraday liquidity
We’re working together to establish global business rules for optimised intraday liquidity management and compliance
Towards a digital transformation of cross-border payments
We’re also exploring the opportunities for improving cross-border payments practice for banks and corporates, including rich remittance transfer, a cross-border request for payment, an efficient stop payment service and more