Major transaction banks around the world are using a new global payments innovation (gpi) service from financial messaging service provider SWIFT. The service, which went live for payments in January, is intended to offer faster, more transparent and traceable cross-border payments, according to the company.
“We are delighted that SWIFT gpi is now live and is already enhancing the cross-border payments experience for corporate treasurers,” said Christian Sarafidis, chief marketing officer at SWIFT. “A year ago the global financial community pledged to dramatically improve the cross-border payments experience, and today marks a major milestone in delivering on that promise. It further demonstrates the ability of SWIFT and the financial industry to collaborate, innovate and rapidly introduce new solutions.”
Banks currently exchanging gpi payments across 60 country corridors include ABN AMRO, Bank of China, BBVA, Citi, Danske Bank, DBS Bank and ING Bank. Numerous additional banks are expected to follow suit in the coming months.
Corporate treasurers are provided with real-time, end-to-end views on the status of their payments through the service’s Tracker feature and are notified when payments have been credited to beneficiary accounts. SWIFT said that it will introduce gpi Observer, a quality-assurance tool that monitors participants’ adherence to the gpi business rules. The next phase of gpi is expected to include additional digital services, such as one for rich payment data.
“Customers require more certainty, transparency and traceability in their cross-border payments; SWIFT gpi is delivering this today,” said Wim Raymaekers, head of SWIFT gpi. “And with nearly 100 leading transaction banks already signed up, SWIFT gpi is set to rapidly expand with more banks, new features and additional payment services.”
– Adam Fusco, editorial associate