The need for speed, certainty, and seamless integration in cross-border payments is becoming increasingly apparent.
SWIFT’s Global Payment Initiative, more commonly known as gpi, is fast becoming the standard for global funds transfers. The need for speed, certainty, and seamless integration in cross-border payments is driven by user expectations of instant services, the digitalisation of traditional payment services, and the streamlining of financial supply chains by banks and corporates.
For SWIFT’s community, payment confirmations represent the next piece in the puzzle in the path towards creating a seamless, cross-border payments experience for every financial institution and corporate member, and each of their customers.
Financial institutions must position and prepare themselves to adopt the requirement on schedule or run the risk of sending non-compliant cross-border payments - if such transactions can be sent at all.
For firms seeking to keep pace with the cross-border payments evolution, banks and corporates alike are faced with the challenge of identifying and adopting an effective strategy to adopt SWIFT gpi.
The question firms must answer, as they juggle the real-world pressures of cost, competition and cumbersome legacy systems, is whether it is best to build, buy, outsource or collaborate.
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