Six global corporates – ABB, Nestle, Roche, SBB, Swiss Re and Wurth – have written an open letter stating their support for SWIFT's global payments innovation (GPI) initiative and asking more banks to use GPI to improve cross-border payments.
The corporates, all of which are based in Switzerland, say that SWIFT GPI addresses some of the difficulties of making cross-border payments, including:
- visibility after a payment instruction is made;
- knowing exactly when payments have been credited;
- what fees have been deducted;
- information on when or why a payment has been rejected and whether the payer or beneficiary should investigate.
The letter states that SWIFT GPI is targeting “a long overdue, essential improvement of the customer needs for higher cross-border payment speed, transparency and end-to-end tracking... With considerable industry support across the globe and an increasing number of leading transaction banks committed to the service, we are convinced that SWIFT GPI represents a major improvement in cross-border payments. The increasing number of banks going live on this service addresses the demands of corporate treasurers. Hence, banks cannot afford to not join the initiative and go live as soon as possible. Our expectation is that all of our cross-border payments will be end-to-end SWIFT GPI payments in the future.”
SWIFT GPI was launched in January this year and since then, 20 global transaction banks are actively using or implementing it, with another 50 waiting to implement. SWIFT is positioning its GPI service as the new standard for cross-border payments, combining real-time payments tracking with the certainty of same-day settlement.
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