November 14, 2016 |
Global financial cooperative Swift is advancing a new system to streamline communications and messaging related to cross-border settlements. Its global payments initiative (GPI) is set to launch in January and already has Banco do Brasil, Itaú-Unibanco and Banco de Crédito del Perú signed up. The largest lenders in Mexico, Colombia, Chile, Peru and Argentina have also been invited to join.
The new system, which the Swift team colloquially dubs “correspondent banking 3.0”, will allow funds being transferred internationally to arrive and be applied on the same day, with information on the states of the payment available to both parties in real time.
The impetus for GPI came from improving
Swift, the global financial messenger, is hoping to inject a much-demanded dose of transparency into the cross-border payments system.