SWIFT (The Society for Worldwide Interbank Financial Telecommunication) has announced its plans to launch a pilot Global Payment Initiative (GPI) service.



The pilot program aims to enhance the efficiency of payment process by delivering an integrated and interactive service that will be available to 10,000 banks throughout the SWIFT network. The pilot will begin with 15 banks including J.P. Morgan, Barclays, CitiGroup and Bank of China.



According to SWIFT, GPI is equipped with technology that will speed up the transaction processes thereby eliminating errors and omissions in the payment data such as the beneficiary details or incomplete regulatory information. As claimed, this will improve customer experience and cut down the associated costs as well.

