One of the many innovations that change cross-border payments is the initiative Global Payments Innovation (GPI). With GPI the organisation SWIFT introduced a new service designed to improve and accelerate international payments which has been demanded for years.
While SEPA does not only meet all legal requirements for European payments but also implements customer requirements, cross-border payments conform to all rules but oftentimes do not meet the changed customer needs. This shows, as payments cannot be executed on the same day and fees, exchange rates and the runtime are in many cases not transparent. The results are frequent customer reclamations.
The GPI service that SWIFT has developed in cooperation with more than 150 participating financial institutions optimises these cross-border payments. GPI helps correspondent banks to stay competetive in the future.
To offer SWIFT GPI to your customers and that way make cross-border payments more customer-friendly, financial institutions have to adapt many processes and systems.
A dedicated team of PPI specialists supports you in this task. Please do not hesitate to contact us for more information.