SWIFT launches Global Payments Innovation Initiative

Announcements | December 21, 2015 By:

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) announced the launch of Global Payments Innovation Initiative.

The Global Payments Innovation Initiative (GPI) will see the organization aim to dramatically improve the customer experience in correspondent banking by increasing the speed, transparency and predictability of cross-border payments.

“This initiative is an important first step in driving cross-border payments innovation. As part of the initiative we will continue to develop new and enhanced services, utilising SWIFT’s Innotribe initiative to further engage the FinTech community and explore the application of innovations such as real time payment status tracking, the use of peer-to-peer messaging and Blockchain technology,” said SWIFT global head of banking markets Wim Raymaekers.

SWIFT provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment.