For moving money across the globe in seconds, the SWIFT service will now offer all 1000 partner banks on to its platform. In this bid, the global payment innovation or GPI service will completely reposition itself such that by the year 2020, customers can transfer cash across the globe the same day with better tracking and transparency.
Lately, SWIFT is facing some constant pressure due to the implementation and adoption of blockchain technology for better and efficient transfers. Also the recent frauds given shape through the use of the technology is also taking sheen out of the system such as the PNB Nirav Modi led scam in which the bank official used the SWIFT platform for an unauthorized transaction and effected it.
CEO of SWIFT India said, "GPI provides much more control to users as it places a tracker on top of a transaction. Today when someone needs to make a query or stop payment, they need to make a call. Here, they can do that at the click of a button."
Adding about the fool-proof nature of GPI, SWIFT in a statement said, Launched in early 2017, GPI already accounts for 25% of SWIFT cross-border payment traffic. More than $100 billion in SWIFT GPI messages is sent every day, enabling payments to be credited to end beneficiaries within minutes - many within seconds".
The platform by this year end is aiming to provide payment control services for offering more security related features for enabling preset time limits for SWIFT operation.