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SWIFT gpi powers cross-border payments road for banks

Thursday 16 February 2017 | 01:12 PM CET

SWIFT has announced that global transaction banks are actively using SWIFT’s new global payments innovation (gpi) service, which opened for live payments in January 2017.

ABN AMRO, Bank of China, BBVA, Citi, Danske Bank, DBS Bank, Industrial and Commercial Bank of China, ING Bank, Intesa Sanpaolo, Nordea Bank, Standard Chartered Bank and UniCredit are live with SWIFT gpi, exchanging gpi payments across 60 country corridors. Numerous additional banks will follow in the near future.

SWIFT gpi enables banks to offer an improved cross-border payments service. The new gpi Tracker feature allows banks to provide corporate treasurers with a real-time, end-to-end view on the status of their payments, including confirmations when payments have been credited to beneficiaries’ accounts.

Treasurers also now have certainty that remittance information, such as invoice references, are transferred unaltered to the beneficiary. SWIFT will also introduce the gpi Observer, a quality assurance tool that monitors participants’ adherence to the gpi business rules.

SWIFT is already designing the next phase of gpi, which will include additional digital services to further transform the cross-border payment experience, such as enriched payment data service. In parallel, SWIFT gpi is exploring distributed ledger technology for real-time Nostro account reconciliation. A proof of concept was announced in January 2017.

We have interviewed Wim RAYMAEKERS, head of GPI on this initiative. Have a look here.

More: Link
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