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:
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