SWIFT gpi: How industry co-creation transformed global payments

Abstract

The international payments landscape is undergoing significant change. Banks are experiencing increased pressure from both corporate customers who are demanding faster, more transparent cross-border payments, as well as from new, innovative technologies and payment alternatives that are challenging the status quo. SWIFT global payments innovation (gpi) is a collaborative industry solution developed to create a more efficient international payment ecosystem. Through gpi, SWIFT is relieving the pain points and challenges associated with international payments, and is rapidly addressing the needs of banks and their corporate customers. This paper takes a closer look at SWIFT gpi — the new standard for international payments, the core principles behind this payment innovation, and new ways of working enabled by SWIFT gpi. It will also examine the tools developed to facilitate this change and examine new opportunities currently being explored via collaboration between SWIFT, banks, corporates and FinTechs.