The development of the next generation of correspondent banking payment services is well underway. SWIFT and 91 core transaction banks have made astonishing progress in the last 12 months. Hear from Stanley Wachs, SWIFT’ts Global Head of Banking Engagement and Global Payments Innovation about:
- what is the SWIFT gpi concept and its three key parts: Payment Tracker, the Directory and the Observer
- the gpi customer credit transfer service’s value proposition for corporates
- how 91 banks have signed up, processing payments to 224 countries, doing 75% of SWIFT cross-border traffic, and they will start to go live in 1Q 2017.
Learn about: how each bank will choose their own strategy as to how they will make the new Payment Tracker service available to their corporate clients; the iPad app on the gpi programme; and the development a long term plan for gpi initiative.
- Key timing points
- 0.41 What is gpi?
- 1.54 The three gpi products
- 5.17 The benefits of gpi for corporates
- 8.41 Tracking a payment
- 10.00 gpi progress report
- 14.54 Strategic plans for gpi
CTMfile take: The gpi initiative could transform how corporates make and collect payments cross-border. This initiative could resurrect correspondent banking.
SWIFT’s Global Payments Innovation Initiative makes progress: 73 banks now joined
“More banks worldwide collaborate to dramatically improve the cross-border payments experience with greater speed, transparency and end-to-end tracking” - SWIFT
New era in low value cross-border payments opens up & end of correspondent banking?
Bank of America Merrill Lynch and Earthport sign strategic agreement