SWIFT network

SWIFT Plans to Launch New Global Payment System

SWIFT Plans to Launch New Global Payment System

SWIFT has announced its plans to launch a pilot Global Payment Initiative (GPI) service. The GPI is being developed to enhance the efficiency of payment process by delivering an integrated and interactive service. The pilot will begin with 15 banks including J.P. Morgan, Barclays, CitiGroup and Bank of China. SWIFT has claimed that it will help in improving customer experience and reduce associated costs.