SWIFT announces today that the 4 major Australian banks, Australia and New Zealand Banking Group, Commonwealth Bank, National Australia Bank and Westpac are part of over 70 banks around the globe which are now live or planning to implement SWIFT’s Global Payments Innovation (gpi).
Together, these Australian banks represent over 80% of cross-border payments flow for Australia.
On 23 May, SWIFT unveiled the industry’s first ever cross-border payments tracker and more than 20 global transaction banks are using or implementing the SWIFT gpi service, with another 50 in the implementation pipeline. Hundreds of thousands of gpi payments have already been sent across more than 85 country corridors.
SWIFT gpi introduces a new set of business rules and further technical innovation to reduce the friction that exists in cross-border payments and to create more transparency in an effort to improve the supply chain for corporates. The initiative transforms bank customers’ cross-border payments experience by bringing together same day payment, transparency of fees and real-time tracking. It is based on the existing SWIFT rails trusted by the industry for over 40 years.
Australian banks have been very strong supporters of the gpi initiative and were among the first to sign up to the solution. Many corridors are already live on SWIFT gpi and with the Australian banks due to go live this year, Australian customers will soon benefit from the enhanced payment experience through the world’s most common payment corridors.
Bill Doran, Head of Oceania at SWIFT said: “SWIFT gpi is the biggest overhaul of the cross-border payments system since the SWIFT cooperative was first established in the 1970’s to replace the Telex. In an increasingly connected world, banks’ customers are demanding faster, more transparent and traceable payment services to support their personal and business needs. Phase 1 of SWIFT gpi will already deliver a much improved customer experience, but it is just the first step in a multi-year program of continuous improvement”.
Di Challenor, General Manager, Global Transaction Services of Westpac said, “As a market leader we are investing in transformation technologies to support the needs of the financial services industry. SWIFT gpi is a good example that will fundamentally advance the cross-border payments experience”.
Nigel Dobson, General Manager Wholesale Digital at ANZ said “As Australia’s leading Institutional and most international bank, we’re delighted to be a contributor to the SWIFT gpi community, supporting its agenda to transform the global payments experience for our customers. We are excited to be participating in the activation of the first stage of payments innovation and look forward to making further compelling contributions and improvements to our customers’ cross-border experience”.
Paul Franklin, General Manager of Payments at NAB said: “NAB’s continued commitment to driving innovation and efficiency in our cross-border payment offering meant we identified very quickly the value of the SWIFT gpi initiative. SWIFT gpi is central in providing a foundation for us to deliver a significantly improved and cost effective cross-border payment experience for all of our customers”.