How SWIFT gpi is transforming Cross-Border Payments

The demand for faster, better and more efficient cross-border payments from corporates around the world has been growing. The need for transparent investigation processes, payment credit tracking and deduction analysis is paramount within corporate treasury departments for better working capital decisions. This can only be achieved by utilizing innovative new technologies that are transforming the way these payments are executed - from improved fraud detection mechanisms to digitization of documents. With increased competition in this digital age corporates are needing Financial Institutions to quickly adapt to the ongoing change and deliver better services when it comes to cross border payments.

Cross-border payments can prove to be a difficult and costly process for corporates due to the inability to track their payment status. Without a proper system in place, corporates risk facing unanticipated cash flow issues and strained relationships with suppliers if timely payments are not made. It is also particularly challenging for them to reconcile payments often caused by incorrect remittance information, leading to an increased cost towards manual reconciliation policies. All of this results in huge economic losses, making it important for businesses to find ways to efficiently manage and monitor cross-border payments. Expand on the challenges faced by banks in traditional cross-border payments, such as slow transaction times, lack of transparency, and high costs. Highlight the impact of these challenges on corporates and the necessity for innovation.