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Recently, the International Telecommunication Interbank Telecommunication Company (SWIFT) announced the launch of its Global Payment Initiative pilot service.
The integrated pre-validation payment service will focus on enabling rapid identification and elimination of errors in payment messages. At the same time, will compete with the fintech solutions provided by companies such as Ripple, JP Morgan and Transferwise.
According to Press release published by SWIFT in the middle of this week:
"The pilot is the first phase of the launch of the ambitious gpi validation program. The goal of the pilot project is to build the foundations of a new integrated and interactive service that will significantly improve the efficiency of the process. payment and which will eventually be made available to all 10,000 banks via the SWIFT network ".
The global payment initiative is designed to allow rapid identification and correction of errors in payment dataas incomplete or incorrect information of the beneficiary, as well as lack of regulatory information; thus enabling fast and efficient transactions that reduce delays and costs, providing the customer with a better experience.
The GPI is scheduled to begin operations during Q1 2019 and already has a series of 15 banks awaiting its use, including Barclays, Bank of China and CitiGroup, among others.
Initial trial
Last September, SWIFT announced it was done plans to implement a pre-validation service in its global GPI payment system, which would allow users to detect and resolve possible errors that could cause delays in payment messages before they are released.
At the same time, correcting this error would give banks the opportunity to offer transparency to payments to their end customers.
At the time of the announcement, SWIFT's CEO, Gottfried Leibbrandt, said:
"Within the rapidly growing GPI community, there is a strong demand for greater transparency and problem-solving capabilities before making payments so they can be as predictable and efficient as possible." This new feature will help to meet these needs and provide our customers with peace of mind when they send their payment messages ".
So, at the beginning of October 2018, The first successful GPI trial was conducted, where immediate cross-border payments were made with banks in countries such as Australia, Thailand and China.
In front of the competition
With this new implementation, SWIFT attempts to address other fintech blockchain-based startups that offer the same services at a lower cost.
One of these blockchain projects is JPMorgan and its Interbank Information Network (IIN), which just two months after its launch, already includes Santander and Societe Generale among its more than 130 banks, a figure that seems to be increasing, as their projects, from them recently announced who were considering the possibility of participating in Bitcoin futures.
Likewise, Transferwise – which is making money transfers between more than 70 countries, being compatible with over 300 currency routes around the world and processing its cross-border high-speed transactions – is another of the alternatives that GPI intends to move.
