At its core, SWIFT gpi is all about speed, efficiency and transparency – but its success rests on support and collaboration too. Early adopters are shaping the way forward for this fundamental change to cross-border payments and co-creation is now the order of the day, as banks and corporates team up to help build a brave new world.
SWIFT’s global payments innovation (gpi) initiative marks a fundamental reshaping of the cross-border payments landscape. With over 150 banks having already signed up for inclusion since the first phase of gpi went live in January 2017, corporates can now expect faster international transactions, improved fee transparency, and end-to-end payment tracking.
Given that the corporate need for speed and transparency in cross-border payments is only set to increase, it is easy to understand why many in the industry see gpi as the future. After all, markets are implementing new distribution channels, business structures are changing accordingly, world-stage competition is intensifying and, ultimately, every business is looking to optimise its own cash and liquidity positions.
Pioneering the way
As with every great leap forward, however, success is dependent upon pioneers – those with the conviction to get involved from the start, helping to shape the way others use the solution in the future. Both BNP Paribas and the International Air Transport Association (IATA) are gpi trailblazers, working in partnership to conduct one of the first successful gpi pilots.