SWIFT has announced that a number of international banks are now using its new global payments innovation (gpi), which opened for live payments in January 2017.

ABN AMRO, Bank of China, BBVA, Citi, Danske Bank, DBS Bank, Industrial and Commercial Bank of China, ING Bank, Intesa Sanpaolo, Nordea Bank, Standard Chartered Bank and UniCredit are live with the new solution, exchanging payments across 60 country corridors. Additional banks are expected to join in the coming months.

The gpi enables banks to offer faster and more transparent cross-border payments, as well as provide corporate treasurers with a real-time, end-to-end view on the status of their payments, including confirmations when payments have been credited.

SWIFT is already designing the next phase of gpi, which will include additional digital services to further transform the cross-border payment experience, such as a rich payment data service.

Christian Sarafidis, chief marketing officer at SWIFT, commented: “We are delighted that SWIFT gpi is now live and is already enhancing the cross-border payments experience for corporate treasurers. A year ago the global financial community pledged to dramatically improve the cross-border payments experience, and today marks a major milestone in delivering on that promise.

“It further demonstrates the ability of SWIFT and the financial industry to collaborate, innovate and rapidly introduce new solutions.”

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