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The network says it is working with more than 20 banks on the new project. It says SMEs will benefit from predictable payments, upfront costs and processing times, and real-time status updates. A single format is used for easier straight through processing, while banks “unilaterally” agree processing fees.
According to Swift, more than 1,000 banks have joined the gpi initiative, operating 2,170 payment corridors. “The success of Swift gpi, which is used by thousands of banks and carries billions of payments globally, enables ever-faster transaction processing times and transparency,” says chief strategy officer, David Watson. “We expect that our new gpi initiative for low value cross-border payments will similarly have widespread adoption and help us deliver our vision of making payments brilliantly simple for everyone.”
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