Two key US payment systems have introduced end-to-end payments tracking for their participants, using SWIFT's global payments innovation (GPI) service. The Clearing House (CHIPS) and the Fedwire Funds Service, a real-time gross settlement funds transfer system operated by the United States Federal Reserve Banks, have developed local market practices to facilitate end-to-end cross-border payments tracking for their participants that are also GPI members. CHIPS has 47 participants while the Fedwire Funds Service has more than 9,200.
SWIFT GPI offers same-day use of funds (within the time zone of the receiving GPI member), end-to-end payments tracking and delivery of unaltered remittance information. “By using a market practice to include a GPI tracking reference in the Fedwire Funds Service messages they send, our participants that are also SWIFT GPI members can be in a position to extend the benefits of SWIFT GPI to funds transfers that are made through the Fedwire Funds Service,” said Nick Stanescu, of the Fedwire Funds Service.
According to SWIFT, 12 major global transaction banks are now exchanging tens of thousands of GPI payments. Nearly 100 banks have signed up to SWIFT GPI and numerous additional banks are set to go live in the coming months.
SWIFT also announced that the High Value Payments Systems Task Force (HVPS+) is currently establishing a set of global guidelines to ensure common identification of GPI transactions exchanged across market infrastructure communities planning to implement ISO 20022. This forms part of the Task Force’s mission to develop global ISO 20022 market practice guidelines for HVPS with future ISO 20022 adoption plans.
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