The cross border transactions have historically been a puzzle for most of the banks as they cannot predict the exact time and fees to complete the transaction. Moreover, it becomes very difficult to track the payment once it goes out of the processing bank. The involvement of multiple banks (generally referred to as correspondent banks) across countries in a single transaction makes it difficult to manage due to a lack of common standards and regulations.
To address the above challenges, SWIFT has introduced an initiative called SWIFT’s Global Payments Innovation (SWIFT GPI).
This blog addresses the above challenges and explains the business benefits of SWIFT GPI.