Phase One of Swift's Global Payments Innovation Initiative Pilot Completed

Fifteen global banks tested the design and functions of Swift’s new initiative, while ten others prepare for the service’s launch.

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The new technology is going to be integrated to the banks' existing platforms in order to facilitate end-to-end payments tracking. This service will be hosted in the cloud, based on a global tracking database hosted by Swift.

Also, gpi aims to increase the speed and transparency of cross-border payments. The results indicated there is a possibility for the services to go live in early 2017.

Wim Raymaekers, global head of the banking market and project lead for the initiative, said in a statement that the pilot indicated that this approach to cross-border payments worked well.

"Based on the banks' feedback, we know the implementation period for gpi can be quick ─ within six months. This is great news for SWIFT and the banking community," he said.

In total, more than 80 global banks have now signed up to participate in the gpi initiative. Banks that have recently joined include Budapest Bank, China Merchants Bank, China Construction Bank, Commonwealth Bank of Australia and Helaba Landesbank Hessen-Thüringen.

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