Frictionless payments and the future of correspondent banking

A large scale transformation is underway across the cross-border payments ecosystem. Gone are the days where the historically opaque and inconsistent cross-border payments process was seen as acceptable by end users or sustainable by the industry. Fundamental shifts in client expectations and available technology, coupled with a proliferation of new payment intermediaries and infrastructures, are catalysts for this transformation, as are developments taking place in the correspondent banking network itself.

gpi Invest in the best

SWIFT gpi has rapidly reduced frictions and transformed the customer experience in cross-border payments. Yet new challenges appear as market needs continue to evolve. To help you stay ahead of the curve, the gpi community is exploring several new initiatives that leverage the gpi platform. But where would you put your money first: A new payment pre-validation service? A payment investigation resolution service? A cross-border payment collection service? Real-time cross-border payments? Or maybe you have an idea that you’d like to pitch?

Unveiling cross-border payment requirements on the seller side

With more and more banks embedding gpi ‘track & trace’ capabilities in their banking portals, the transformation of cross-border payments has already brought significant benefits to corporate treasury operations on the buyer side. Yet this leaves corporates on the supplier side watching these gpi developments with envy as they continue to struggle with cross-border payment challenges in reconciliation, international collections and liquidity management. So what exactly are the needs of corporate sellers? And how can we leverage the gpi platform and tracker to respond to them?

Re-engineering international payments for a fast, digital age

Stimulated by technological growth and new entrants, the world of international payments is experiencing considerable pressure for change. Transactions across borders have to be faster and simpler. Platforms to send transactions have to be more open, compliant and secure than ever. Even the market providers themselves are no longer bank dominated, with FinTechs and players from outside of the financial sector creating disruption both good and bad.

SWIFT gpi - An implementation model for every bank

gpi’s aim is to ensure corporates experience fast, transparent and traceable cross-border payments across all their trading corridors and currencies – a ‘new norm’ responding to the expectations of corporates operating in an increasingly digitally interconnected world. Whilst gpi has witnessed fast bank adoption, universal roll-out of gpi across all SWIFT members is essential to deliver on the true end-to-end gpi journey across all countries and corridors.