Understandably, corporate treasurers are demanding faster and more traceable cross-border payments. Banks are simultaneously seeking ways to improve their client offerings by leveraging technologies that deliver operational efficiencies. Thankfully, SWIFT’s global payments innovation (gpi) – an industry-wide initiative that connects every party in the payment chain via a cloud solution – offers an answer
By connecting intermediaries more closely, SWIFT gpi not only increases transparency over payment transaction fees and the FX rate applied, but can also guarantee the same-day use of funds.
Some banks, however, remain hesitant to be among the first-movers on SWIFT gpi, amid fears that it may not become a universal payment standard, while others are deterred by adoption costs. But given that SWIFT gpi’s benefits can only be realised once a critical mass of banks are up and running, encouraging more market participants to embrace the initiative’s live operational mode should be a priority.
To this end, Deutsche Bank’s latest white paper sets out to highlight why SWIFT gpi should become the new payment standard for correspondent banking. The paper also acts as a practical implementation guide for those banks yet to complete their roll-out projects.
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