Delivering the future of cross-border payments, today
SWIFT gpi dramatically improves the customer experience in cross-border payments by increasing the speed, transparency and end-to-end tracking of cross-border payments.
Over 110 leading transaction banks from Europe, Asia Pacific, Africa and the Americas are already signed up and more are expected to join. Thousands of cross-border payments are today being sent using this new standard, bringing immediate benefits to gpi banks and their corporate customers.
Now live, the first phase of SWIFT gpi focuses on business-to-business payments, helping corporates grow their international business, improve supplier relationships, and achieve greater treasury efficiencies. Thanks to SWIFT gpi, corporates can today receive an enhanced payments service from their banks, with following key features:
- Faster, same day use of funds*
- Transparency of fees
- End-to-end payments tracking
- Remittance information transferred unaltered
The second phase of SWIFT gpi will enable the digital transformation of cross-border payments, by allowing banks to:
- Immediately stop a payment, no matter where it is in the correspondent banking chain.
- Transfer rich payment data along with the payment, including additional line item details necessary for compliance checks, in an effort to enhance the reconciliation of a payment with multiple invoices.
- Use an international payment assistant, to further increase the straight-through-processing rate of cross-border payments, at origination.
For its third phase, SWIFT gpi is already exploring the potential of using new technologies such as distributed ledger technology, in the cross-border payments process.
(*) within the time zone of the receiving gpi member.
Meeting the needs of corporate treasurers
Manners looking for same-day value, pricing transparency, end-to-end tracking across their cross-border payments, can now rely on the SWIFT gpi Customer Credit Transfer service.
Delivering the digital transformation of cross-border payments
In collaboration with banks and corporates around the world we are developing additional payments services, including rich remittance transfer, a stop and recall payment service and more.
Exploring 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.