24 APAC banks commit to implement SWIFT gpi

Over 110 banks in total have now joined gpi.

SWIFT recently announced that 24 banks in Asia Pacific, part of over 70 leading banks globally, are live or planning to implement SWIFT gpi. These banks are members of an initiative that now includes over 110 banks globally. The SWIFT gpi initiative that launched in December 2015 went live with transactions in January 2017.

The initiative transforms corporates’ cross-border payments experience by bringing together same day payment, transparency of fees and real-time tracking. It is based on the existing SWIFT rails trusted by the industry for over 40 years. SWIFT gpi introduces a new set of business rules and further technical innovation to1437 reduce the friction that existed in cross-border payments and bring more transparency to improve the supply chain for corporates.

Asia Pacific banks have been showing strong interest in this new generation cross-border payments service. Many corridors live on SWIFT gpi cover Asia Pacific and the China-US corridor is currently the largest globally.

Michael Moon, Head of Payments, Asia Pacific at SWIFT said: “SWIFT gpi is the biggest thing happening to cross-border payments in 30 years. In a deeply connected world, massive trading blocs such as China, India and ASEAN require faster, transparent and traceable payment services to support their trade and supply chains. SWIFT gpi creates a whole new world for corporate payments by reducing business process friction and providing new innovative services”.

To learn more, visit swift.com/gpi or ask your bank about SWIFT gpi.

The following banks in Asia Pacific are already live or currently implementing SWIFT gpi:

1. Agricultural Bank of China
2. Australia and New Zealand Banking Group
3. Bank of China
4. Bank of Communications
5. China Citic Bank
6. China Construction Bank
7. China Minsheng Banking Corporation
8. Commonwealth Bank of Australia
9. DBS Bank
10. Guangfa Bank
11. Industrial and Commercial Bank of China
12. Industrial Bank
13. KEB Hana Bank
14. Mizuho Bank
15. National Australia Bank
16. Oversea-Chinese Banking Corporation (OCBC)
17. Ping An Bank
18. Postal Savings Bank of China
19. Shanghai Pudong Development Bank
20. Siam Commercial Bank
21. Standard Chartered Bank
22. Sumitomo Mitsui Banking Corporation (SMBC)
23. Westpac Banking Corporation
24. Zhejiang Rural Credit Cooperative Union