Finextra Impact Study: How to Adopt SWIFT gpi by the 2020 Deadline – Build, Buy, Outsource or Collaborate?
The ongoing coronavirus crisis has illustrated the vital importance of the undisrupted continuation of electronic exchanges of value across the globe in the face of extensive disruption of physical infrastructure. As such, there has been an amplification of the need for close integration of payments systems and networks.
The next major deadline in payments infrastructure is that of new standards related to confirmation of payments, which become mandatory from November 2020 under SWIFT’s Global Payment Initiative (gpi). Fast becoming the standard for global funds transfers, gpi answers to the needs for speed, certainty, and seamless integration in cross-border payments. Drivers for these upgrades include user expectations of instant services, the digitalization of traditional payment services, and the streamlining of financial supply chains by banks and corporates. Already a component of SWIFT’s annual MT Standards Release, receiving confirmation that a payment has been successfully credited in the beneficiary’s account will “keep the wheels of trade turning,” says SWIFT.
The “How to Adopt SWIFT gpi by the 2020 Deadline – Build, Buy, Outsource or Collaborate?” impact study by Finextra explores the challenge of identifying and adopting an effective strategy to adopt SWIFT gpi. The question firms must answer, as they juggle the real-world pressures of cost, competition and cumbersome legacy systems, is whether it is best to build, buy, outsource or collaborate. Various topics outlined include:
- How best to update or replace legacy infrastructure to the latest standard
- Tips for reducing implementation effort and cost to optimize bank resource usage.
- Steps to ensure a firm’s ability to benefit from the cost and design efficiencies of the new format
- How to implement the necessary capabilities while avoiding the creation of complex, long-term system issues in the process
Learn more by downloading a complimentary copy of the study, below.