Swift’s gpi receives backing from six Swiss corporates

News | 19 July 2017

Swift_gpi.jpg

Six Swiss international corporates have issued a joint open letter encouraging banks to adopt Swift’s new cross-border payments service, the global payments innovation (gpi).

ASEA Brown Boveri (ABB), Nestle, Roche, SBB, Swiss Re and Wurth say they appreciate Swift gpi as it targets “overdue, essential improvement of the customer needs for higher cross-border payment speed, transparency, and end-to-end tracking”.

The group, identifying themselves as the Swift Corporate Group, Switzerland have urged banks to support the initiative because with industry-wide support, they believe it can go on to represent “a major improvement in cross-border payments”.

Swift gpi was launched in January 2017 with the aim of becoming the new standard in international payments, giving corporate treasurers a real-time view of their cross-border payments, as well as confirmation of when the money reaches the recipients’ account.

Following a promising start, Swift has dubbed the gpi the “biggest thing to happen to correspondent banking in 30 years”, as favourable feedback has come in from banks and corporates.

The Swift Corporate Group’s open letter adds, “The increasing number of banks going live on this gpi service addresses the demands of corporate treasurers. Hence, banks cannot afford to not join the initiative and go live as soon as possible. Our expectation is that all of our cross-border payments will be end-to-end Swift gpi payments in the future.”

Over 20 banks are using the service so far, with a further 50 in the implementation pipeline.

Wim Raymaekers, head of banking markets and Swift gpi said, “Already today, with so many banks supporting Swift gpi, corporates are getting an enhanced experience directly from their banks, in over 85 country corridors. With its open membership model, we welcome more banks to join Swift gpi and respond to the needs of their clients, as expressed by global corporates around the world.”

In a separate development for the payments service, 22 further banks have joined the Swift gpi blockchain proof of concept, Swift announced on 6 July.

The proof of concept will test whether blockchain “can help banks reconcile their international nostro accounts in real time,” potentially taking the gpi a step further in its ability to improve correspondent banking relations, Swift said in a statement

Give Feedback