Defying even the most optimistic expectations, SWIFT gpi has hit the headlines as the fastest-growing global payments innovation (gpi) service today.
It has established its capability to rule as the new standard in cross-border payments, as more than 120 leading transaction banks, representing over 75% of all SWIFT payments, are signed up to the service.
Others are fast catching up. Twenty-four banks are live and actively using SWIFT gpi, exchanging several thousands of messages daily across 100 country corridors.
Over forty banks are expected to be live with gpi by the end of 2017.
“The speed by which SWIFT gpi has become the new standard in cross-border payments is impressive,” says Christian Sarafidis, Chief Marketing Officer, SWIFT.
“This is a direct result of the real value co-creation and collaborative innovation gpi can bring to banks and their corporate customers. Gpi payments are credited within 24 hours from initiation and most within a few hours and even minutes. Corporates can track their payments in real-time and get confirmation of that credit directly from their banks.”
With a built-in cloud-based application accessible via API, SWIFT gpi comes with an innovative payments Tracker and banks find this facility a great blessing.
They can o embed the gpi Tracker information into their payments flow applications and front-end platforms, allowing their customers to track gpi payments in real-time.
Says Wim Raymaekers, Head of Banking Markets and SWIFT gpi at SWIFT. “The most common pain points from corporates today are the lack of visibility on their payments’ status and not knowing when the beneficiary was credited. In fact, 64% of corporate treasurers recently surveyed are asking for real-time payments tracking. SWIFT gpi allows banks to address these needs and provide distinctive value to their customers.”
SWIFT is also working on the next phase of gpi, which will include additional digital services to further transform the cross-border payment experience, such as stop and recall a payment, transfer of rich payment data and a payment assistant to provide more intelligence at payment origination.
In parallel, SWIFT is exploring the potential use of blockchain technology in the cross-border payments process.
Over 30 gpi banks have been running a Proof of Concept (Poc) to test whether a SWIFT-developed application using distributed ledger technology (DLT) can be used to reconcile Nostro accounts in real-time and help to optimise global liquidity.
Preliminary results will be shared at Sibos in Toronto whilst the PoC is set to finish later in November 2017.
In addition, as part of its continuous innovation process, SWIFT and its banks are working with FinTech companies to develop additional overlay services that leverage the gpi platform using its APIs and banks can build on to provide even more value to their customers. Demos of early proof of value concepts will be shown at Sibos.