SWIFT, a global provider of financial messaging services, has had a regiment of leading investment and transaction banks go live with the group’s freshly launched global payments innovation (gpi) service.
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SWIFT’s gpi service went live last month, helping shore up customer experience in cross-border payments by increasing the speed, transparency and end-to-end tracking capabilities. The initial phase of the project will be targeting business-to-business (B2B) payments.
Just one month after its launch, 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 all live with SWIFT gpi, totaling upwards of sixty country corridors.
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The movement is important as it helps the gpi initiative gain the traction in the international payments community that it needs to sustain long-term growth. Moving forward, SWIFT will also be embarking on multiple additional phases of the gpi project, with phase two focusing on the digital transformation of cross-border payments and the deployment of new technologies such as distributed ledger technology in phase three.
According to Christian Sarafidis, Chief Marketing Officer at SWIFT, in a statement on the performance and reception of gpi: “We are delighted that SWIFT gpi is now live and is already enhancing the cross-border payments experience for corporate treasurers.”
“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,” he added.
“Customers require more certainty, transparency and traceability in their cross-border payments; SWIFT gpi is delivering this today. 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,” explained Wim Raymaekers, Head of SWIFT gpi.