SWIFT GPI certification programme for global payment applications
by Bija Knowles
SWIFT has launched an approved certification programme for vendors that support SWIFT's global payments innovation (GPI) initiative in their payment applications. The programme ensures that GPI capabilities are available in vendor applications and, according to the organisation, it “builds on the successful implementation by several key vendors at 20 global banks”.
SWIFT GPI was launched in January 2016 and more than 110 leading transaction banks from across the world have now signed up, although only 19 of those banks are actually 'live', according to SWIFT, as of August 2017. The GPI standard, which enables payments to be made faster, with greater transparency, with end-to-end tracking and with complete remittance data, is being used to send thousands of cross-border payments each day. SWIFT claims the initiative “dramatically improves the customer experience in cross-border payments by increasing the speed, transparency and end-to-end tracking of cross-border payments.”
The organisation's Wim Raymaekers says: “One of the reasons SWIFT GPI is successful is because the gpi rules and standards are integrated in banks’ core back-office payment applications. Vendors are essential to this process... For vendors, this certification label will promote their gpi capability to the global banking community.”
SWIFT provides a list of SWIFT GPI members on its website.
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