Business and technical innovation provides a new world for corporates and their supply chains
SWIFT announces today that 24 banks in Asia Pacific, part of over 70 leading banks globally, are live or planning to implement SWIFT gpi. These banks are members of an initiative that now includes over 110 banks globally. The SWIFT gpi initiative that launched in December 2015 went live with transactions in January 2017.
The initiative transforms corporates' 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. SWIFT gpi introduces a new set of business rules and further technical innovation to reduce the friction that existed in cross-border payments and bring more transparency to improve the supply chain for corporates.
Asia Pacific banks have been showing strong interest in this new generation cross-border payments service. Many corridors live on SWIFT gpi cover Asia Pacific and the China-US corridor is currently the largest globally.
Michael Moon, Head of Payments, Asia Pacific at SWIFT said: "SWIFT gpi is the biggest thing happening to cross-border payments in 30 years. In a deeply connected world, massive trading blocs such as China, India and ASEAN require faster, transparent and traceable payment services to support their trade and supply chains. SWIFT gpi creates a whole new world for corporate payments by reducing business process friction and providing new innovative services."
To learn more, visit swift.com/gpi or ask your bank about SWIFT gpi.
Notes to the editors
The following banks in Asia Pacific are already live or currently implementing SWIFT gpi:
1. Agricultural Bank of China
2. Australia and New Zealand Banking Group
3. Bank of China
4. Bank of Communications
5. China CITIC Bank
6. China Construction Bank
7. China Minsheng Banking Corporation
8. Commonwealth Bank of Australia
9. DBS Bank
10. Guangfa Bank
11. Industrial and Commercial Bank of China
12. Industrial Bank
13. KEB Hana Bank
14. Mizuho Bank
15. National Australia Bank
16. Oversea-Chinese Banking Corporation (OCBC)
17. Ping An Bank
18. Postal Savings Bank of China
19. Shanghai Pudong Development Bank
20. Siam Commercial Bank
21. Standard Chartered Bank
22. Sumitomo Mitsui Banking Corporation (SMBC)
23. Westpac Banking Corporation
24. Zhejiang Rural Credit Cooperative Union
SWIFT is a global member-owned cooperative and the world's leading provider of secure financial messaging services. We provide our community with a platform for messaging, standards for communicating and we offer products and services to facilitate access and integration; identification, analysis and financial crime compliance. Our messaging platform, products and services connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories, enabling them to communicate securely and exchange standardised financial messages in a reliable way. As their trusted provider, we facilitate global and local financial flows, support trade and commerce all around the world; we relentlessly pursue operational excellence and continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies. Headquartered in Belgium, SWIFT's international governance and oversight reinforces the neutral, global character of its cooperative structure. SWIFT's global office network ensures an active presence in all the major financial centres.
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