2018年-SWIFT环球同业银行金融电讯_SWIFT_gpi_-_Towards_frictionless__cross-border_payments_11页_118kb

SWIFT gpi Summary

Core Content

SWIFT gpi (Global Payments Innovation) is a transformative initiative within the cross-border payments ecosystem, aimed at improving speed, transparency, and the overall customer experience. It is a response to the evolving needs of clients and the technological advancements reshaping the financial industry.

Main Points

• Cross-border Payments at a Crossroads:
  The current cross-border payment system is outdated compared to the digital age, with issues like lack of transparency, standardization, and real-time tracking. These inefficiencies have led to delays, cost overruns, and a poor customer experience.

• SWIFT gpi: A Foundation for Transformation:
  SWIFT gpi is designed to address these challenges by providing a standardized, secure, and efficient framework for cross-border payments. It is built on the existing SWIFT infrastructure, making it scalable and easy to integrate.

• Key Benefits of SWIFT gpi:

  • Faster Payments: Over 50% of gpi payments are credited within 24 hours, with more than half of them credited in under 30 minutes.
  • Transparency: Banks can now provide real-time visibility into payment status, fees, and the location of funds.
  • Efficiency: Reduces the number of investigations and speeds up resolution through tools like the gpi Tracker.
  • Standardization: Supports the migration to ISO 20022 messaging, which allows for richer data and better automation.

• Client Experience Enhancements:
  SWIFT gpi enables banks to deliver a seamless experience to their clients by providing consistent, real-time information. Citi, for example, has implemented SWIFT gpi through its Citi Payment Insights platform, offering multi-channel access to payment data.

• Future Enhancements:
  SWIFT and its members are continuously improving the gpi framework. Upcoming features include:

  • Extended tracking of payments across the entire chain.
  • gpi Stop and Recall for fraud prevention.
  • A pre-validation service to reduce errors and increase STP (Straight Through Processing) rates.
  • Migration to ISO 20022 messaging for richer data and automation.
  • Development of gpi4Corporates, a standardized solution for corporate clients.

Key Information

• SWIFT gpi is now a standard for cross-border payments, with mandatory beneficiary confirmations by 2020.
• SWIFT gpi is not reliant on a single technology, allowing for rapid adoption and continuous improvement.
• Citi has integrated SWIFT gpi into its operations and offers it through its digital platforms, including CitiDirect BE and CitiConnect.
• The migration to ISO 20022 is underway, starting in 2021, to enhance data richness and automation across the industry.
• SWIFT gpi supports the development of new value-added services, providing a foundation for innovation in cross-border payments.

Conclusion

SWIFT gpi is redefining cross-border payments by offering a more transparent, efficient, and secure process. It is essential for banks to adopt gpi to remain competitive and to provide better service to their clients. Through continued collaboration and innovation, the industry is moving toward a frictionless, standardized, and more sustainable cross-border payment model.