Trial payments from Asia to Australia puts GPI on the map but speed is less critical to treasurers than tracking the payment and keeping correspondent banks on their toes.
The US lender’s Interbank Information Network (IIN) will take in more than 75 global banks, more than a quarter of them in Asia Pacific. Will it be enough to fend off the fintechs?
With 60 banks now part of the Swift global payments initiative (gpi) network carrying out payments worth $100 billion a day, real-time cross-border funds transfer with full traceability is on the horizon
For corporate treasurers already mired in the costly, slow and opaque world of cross-border payments, ether could offer a real solution: real-time, cost-free, “crypto-payments” with the need to buy cryptocurrency.
Some of the world’s top companies – also including Roche, GE and others – join Swift’s global payment initiative pilot. But whether other “Swift corporates” will be able to go GPI-active remains to be seen.