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SWIFT gpi: Cross-Border Payment Tracking, Data, and DLT - Enough to Save the Network?

Published by IDC Product code 682829
Published Content info 11 Pages
Delivery time: 1-2 business days
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SWIFT gpi: Cross-Border Payment Tracking, Data, and DLT - Enough to Save the Network?
Published: August 23, 2018 Content info: 11 Pages

This IDC Perspective looks at SWIFT's global payments innovation (gpi) project that aims to speed up cross-border payments, their traceability and information-carrying properties. It questions if it will be enough to save the network in the coming data-centric era of open application program interfaces (APIs) and rival players using distributed ledger technology (DLT). "Correspondent banking is a burning platform, so new ways to monetize cross-border payment services and retain corporate custom are essential. Traditional fees are decreasing in the face of fintech-enabled start-up challengers, but banks can use SWIFT gpi data to offer value-adding new services. However, the cloud services on offer from the organization itself are unlikely to be granular enough in and of themselves," said Neil Ainger, Research Manager, Corporate Banking, IDC Financial Insights. "Banks can and should do more in this era of open banking and APIs to provide their own useful front-end tools. SWIFT itself should accelerate its stalled third-stage gpi proof-of-concept (PoC) looking at open APIs and DLT for its future platform, if it wants to fight off rivals such as Ripple."

Table of Contents
Product Code: EMEA44203218

Executive Snapshot

Situation Overview

  • Benefits
  • How SWIFT gpi Works
  • UETR
  • Uptake so far
  • Case Studies
  • The gpi DLT POC
  • Threats

Advice for the Technology Buyer

IDC's Point of View

Learn More

  • Related Research
  • Synopsis
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