The power of SWIFT gpi: BNY Mellon’s Monika Aminiova examines the potential for the initiative to revolutionise the payments industry in bobsguide

Writing for bobsguide, BNY Mellon’s Monika Aminiova, Cash Management Business Development Manager, Treasury Services EMEA, gives a rich overview of the developments within SWIFT’s rapidly expanding global payments innovation (gpi) initiative and a perspective on its future.

The initiative has already helped to transform the speed, transparency and traceability of the traditional end-to-end cross-border payments process, and it has further developments in the pipeline to hone existing features and introduce new capabilities, such as stopping or recalling payments. Certainly, the initiative has much to offer banks and their clients but there must be a conscious drive towards adoption from within the global banking sector.

“Although seemingly within reach,” says Aminiova, “SWIFT gpi depends completely on the capability of each institution in a correspondent banking chain. To harness and deliver the benefits to clients, banks need more than positive uptake – we need critical mass for transactions to be consistently tracked and credited along SWIFT gpi-enabled payment corridors.”

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