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The future of cross-border payments - SWIFT GPI initiative: dream or reality?

CTMfile take: These videos show how the GPI initiative could transform cross-border payments, but the success all depends on how well the banks and SWIFT deliver the service. Out of 10, likelihood of success and why?

The first video posted on YouTube 26 September 2016, explained that: “Banks around the world are working with SWIFT to deliver the global payments innovation (gpi) initiative and create the next era for correspondent banking. The initiative is a robust response to evolving bank and corporate needs for enhanced customer service and operational efficiency. And it delivers an enhanced value proposition for correspondent banking by addressing key challenges faced by their corporate clients. Watch video here

How the GPI initiative works

The video posted on YouTube 23 February 2017 explains how: “The GPI solution delivers an enhanced value proposition for correspondent banking  so that 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.”

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