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Swift gpi – the revolution in cross-border payments is here

Author

Damien Godderis,160x186

Damien Godderis,
Sr Product Manager, International Payments and Correspondent Network,
BNP Paribas Cash Management

It is no secret that cross-border payments have been historically laden with problems of delays and errors, unclear payment status and fees. To address these issues, Swift launched the global payments innovation (GPI) with the goal of significantly improving the customer experience by increasing the speed, transparency and tracking of cross-border payments. This initiative from Swift involves more than 120 key transaction banks from more than 200 countries and territories around the world, and because Swift is where the critical mass of cross-border payments happen, its global payments innovation has been hailed as one of the biggest advancements in international payments in several decades. The initiative is designed to be functional at the short, medium and long terms.

As banks rationalize their cross-border networks and customers and regulators demand better servicing, an initiative like Swift gpi becomes even more important due to new entrants pushing the limits every day through digital innovations and new, disruptive solutions.

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