SWIFT has announced that the four major Australian banks are planning to implement SWIST’s gpi service.
Therefore, Australia and New Zealand Banking Group, Commonwealth Bank, National Australia Bank and Westpac are part of over 70 banks around the globe that are now live or planning to implement SWIFT gpi. The system introduces a new set of business rules and further technical innovation to reduce the friction that exists in cross-border payments and to create more transparency in an effort to improve the supply chain for corporates. The initiative transforms bank customers’ cross-border payments experience by bringing together same day payment, transparency of fees and real-time tracking.
The announcement is related to SWIFT’s release of a cross-border payments tracker on May 23rd. Since then, gpi service has been used by more than 20 global transaction banks.