SWIFT has announced that it has successfully completed the first phase of the global payments innovation (GPI) initiative pilot, clearing the way for the go-live of the service in early 2017. During the pilot, 15 global banks representing more than 30% of cross-border payments successfully tested the design and core functions of the GPI, while in parallel, ten additional global banks started to prepare for the service’s launch.
“The GPI pilot banks prove that our innovative approach to cross-border payments works,” says Wim Raymaekers, global head of the banking market and project lead for the initiative. “Based on their feedback, we know the implementation period for GPI can be quick – within six months. This is great news for SWIFT and the banking community. Through innovative thinking, which is the backbone of this initiative, and collaboration, we are empowering banks to use existing platforms and combined that with innovative technology provided by SWIFT to facilitate end-to-end payments tracking.”
In total, more than 80 global banks have now signed up to participate in the GPI initiative. Banks that have recently joined include Budapest Bank, China Merchants Bank, China Construction Bank, Commonwealth Bank of Australia and Helaba Landesbank Hessen-Thüringen, with additional banks joining each month. The SWIFT gpi tracker will be demoed at Sibos 2016.