The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Treasury

Swift gpi picks up the pace on real-time cross-border payments

A new, unique end-to-end transaction reference is a big step forward in tracking cross-border payments, identifying hidden costs and improving payment speeds.

lights-speed-tunnel-780



The cross-border payments industry and the correspondent banking network that underpins it stand at a crossroads.

For far too long, the service that corporates and consumers have received from their banks when transferring money internationally has been slow, expensive and opaque: quite at odds with their new expectations and digital experience in buying goods and services.

Late in the day, Swift, the membership organization of 11,000 banks, is urgently pressing ahead with its global payments innovation (gpi) to address all this.

However, by falling behind, the banking industry has already encouraged abundant competition from technology companies aiming right at the heart of their core business.

Nicolas Cary, co-founder of Blockchain

Nicolas Cary,
Blockchain

In 2015, Nicolas Cary, co-founder of Blockchain, the most popular bitcoin wallet provider then with 3.7 million users, put the banks on notice of the danger they were in.

“If I want to send value anywhere in the world, I can now do it instantly, like sending an email,” he said.




You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree