The SWIFT gpi initiative
What is the roadmap for the SWIFT global payments innovation (gpi) initiative?
The gpi initiative is collaboration between SWIFT and the industry to deliver real-world innovation in payments.
The first focus of the initiative is a new standard for cross-border payments – the gpi customer credit transfer SLA - responding to customer needs for more speed, transparency and traceability in cross-border payments. For a full description, see overview, features and members.
Following agreement on a multilateral SLA focused on business-to-business payments, a group of pilot banks will demonstrate early results in time for Sibos in September 2016.
This first service is planned to go live for all participating banks in 2017.
How is the SWIFT gpi initiative organised?
So far over 80 banks have joined the SWIFT gpi initiative. See Members . Together, they have the capability to channel payments into over 220 countries – representing close to 71% total cross-border payments in volume over SWIFT.
There are currently three member groups:
- The Initiative Group represents a community of banks that wish to promote the initiative in the industry, contribute to its collaborative design, and lead in global payments innovation.
- The Pilot Group is a subset of the Initiative Group. These banks are piloting the gpi customer credit transfer SLA and the group will report early pilot results by Sibos 2016.
- The Vision Group drives the long-term vision for the global payments innovation initiative as a whole and the evolution of correspondent banking.