SWIFT’s global payments innovation (SWIFT gpi) – an industry-wide initiative that connects every party in payment chain via a cloud solution – is tipped to become the new payment standard for correspondent banking. Before it can, however, a critical mass of banks must go live with the initiative’s operational mode.
Writing for FX-MM, Paul Roels, Head of Market Infrastructure & Industry Initiatives, Cash Management, sets out the case for SWIF T gpi’s adoption and offers practical guidance for those banks yet to embark on an implementation strategy.
Roels writes: “For the banking community to benefit fully from SWIFT gpi’s zero-sum gains, as many institutions as possible should accelerate towards live operational mode. Once this happens, we hope that the transformative capabilities of the payment standard should become increasingly apparent.”
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