The SWIFT gpi initiative

Global transaction banks are working together to make a dramatic change in cross-border payments

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.

    Currently, the initiative has three phases running in parallel:

     

    1. The Delivery of a New Standard in Cross-Border Payments – the SWIFT gpi Customer Credit Transfer – making cross-border payments faster, transparent and traceable – a new service going live on 16 February 2017
    2. The Digital Transformation of Cross-Border Payments – enabling additional services such as rich remittance transfer, an instant stop payment service and more
    3. Technological Innovation in Cross-Border Payments – exploring the potential for using new technologies in the payment process, including a Proof of Concept to see if distributed ledger technology could help banks reconcile their nostro accounts in real time
       

    GPI concept

    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

    Towards a digital transformation of cross-border payments

    In collaboration with banks and corporates around the world we are developing additional optional payments services, including rich remittance transfer, an instant stop payment service and more

    Technological innovation in cross-border payments

    Exploring the potential for using new technologies in the payment process, including a Proof of Concept to see if distributed ledger technology could help banks reconcile their nostro accounts in real time

    Be part of the SWIFT gpi initiative

    Any supervised financial institution that is a member of SWIFT and meets the SLA can join the initiative