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Global Payments Innovation
Initiative (GPII)
Anik Mehta
Director, Markets and Initatives, India and Sub-continent, SWIFT
The global payments innovation initiative – 02 Jun 2016 2
3
Correspondent banking model is under pressure
Customers and
regulators push for
better payments service
Banks rationalize their
correspondent banking
networks
Digital innovators offer
new disruptive
solutions
End customers increasingly demanding
Domestic payments going real-time
Regulatory intensity and increasing costs
Network rationalization
Enhanced value proposition
Disintermediation
The global payments innovation initiative – 02 Jun 2016
Correspondent banking disintermediated at origination
Local bank Local bank
PSP PSP
ACH ACH
GTB GTB
End customer
(retail, SME, corp)
End customer
(retail, SME, corp)
Correspondent Banking
CorrespondentBankingdisintermediation
Transfer
Agent
Transfer
Agent
Front
Office
Back
Office
Correspondent banking
at risk of being cut out
The global payments innovation initiative – 02 Jun 2016
4
gpii is first concrete step to improve banks’ cross-border payments service
1. Fast(er), same day value
2. Higher efficiency, less intermediaries
3. Secure and compliant
4. Transparent and predictable, with payments tracking
5. Convenient and ubiquitous
1. Slow, can take multiple days
2. Expensive, multiple deducts
3. Secure and compliant
4. No transparency and predictability on cost and time
5. Convenient and ubiquitous
6. Open and inclusive (global reach) 6. Open and inclusive (global reach)
Traditional correspondent banking Global payments innovation initiative
The objective is to first fix these key pain points
Note regarding prices: it will be at the discretion of each gpii member to decide the
pricing strategy vis-à-vis its customers, including other financial institutions
“Before” “After”
5The global payments innovation initiative – 02 Jun 2016
The global payments innovation initiative (gpii)
Delivering a new standard in cross-border payments
̶ Proactively respond to evolving customer needs for more speed, transparency and predictability of
time and cost in cross-border payments
̶ New multilateral rulebook, initially focused on business-to-business payments
̶ Building on the foundation that banks provide in security, resiliency and compliance
̶ Delivering real-world innovation: building on existing platform, embrace new technologies along a
strategic roadmap
̶ Global reach, collaborative industry-wide initiative, organised by SWIFT
̶ Open model, participation based on operational quality
 Fast
 Transparent
 Predictable
 Secure
 Resilient
 Compliant
 Real-world innovation
 Global reach
 Open model
6The global payments innovation initiative – 02 Jun 2016
Global payments innovation
initiative (gpii)
Global reach
provided by banks connected
to domestic payments systems
SLA rulebook
with customer at centre
of value proposition
Smart collaboration
(e.g. enhanced compliance practices,
optimised intraday liquidity flows)
Embrace innovation
(e.g. peer-to-peer messaging,
real time settlement mechanism)
7
The global payments innovation initiative (gpii)
Bank access channels
Domestic payment systems
SWIFT
Bank access channels
Domestic payment systems
SWIFT
Existing SWIFT messaging
Bank access channels
SWIFT for corporates
Bank access channels
SWIFT for corporates
Accessible by
any bank
Differentiate vs
non-gpii banks
Still reach
non-gpii banks
Reach any bank
Operational qualityOpen model
The global payments innovation initiative – 02 Jun 2016
8
A gpii payments tracker “in the cloud”
Central payments database,
hosted at SWIFT
“One-glance”
status overview
Track path, in
real time
Details of banks
along the chain
Unique, end-end
tracking number
Transparency of total
fees and time
Bankhaus
Anton
Deutsche Bank Taipei commercial
bank
101 >
Originator
103 > 103 > 910>
BeneficiaryWells Fargo
103 >
The global payments innovation initiative – 02 Jun 2016
MT199/API MT199/API MT199/API MT199/API
Updated via MT199 or API
Data consumption via GUI,
via MT199 (push) or via API
(pull)
Value proposition for corporates
Payments with same day use of funds
Transparency and predictability of fees
End-to-end tracking of payments
Transfer of rich payment information
9
Grow international business
Enhance supplier relationships
Increase treasury efficiencies
Benefits for a corporateThe core principles of gpii
The global payments innovation initiative – 02 Jun 2016
10
Value proposition for banks
Grow volumes
• Offer distinctive payments service
• Retain and attract new customers
• Protect and grow transaction
volumes
• Comply with regulation
(Dodd-Frank, PSD2, …)
• Sell payments services to third
parties
Reduce cost
• Lower network management cost,
avoid proprietary connections in
non-strategic countries, access
global quality network
• Enhanced compliance practices
• Optimised intraday liquidity flows
• Increased straight through
processing
Lead innovation
• Reputational benefit
• Leader in global payments
innovation
The global payments innovation initiative – 02 Jun 2016
The global payments innovation initiative – 02 Jun 2016 11
Initiative banks
51. Sberbank
52. Scotiabank
53. SEB
54. Société Générale
55. Standard Bank
56. Standard Chartered Bank*
57. Sumitomo Mitsui Banking Corporation*
58. Swedbank
59. Tadhamon International Islamic Bank
60. TD Bank
61. UBS
62. U.S. Bank
63. UniCredit*
64. United Overseas Bank
65. Wells Fargo*
1. ABN AMRO
2. Alfa bank
3. Australia and New Zealand Banking Group*
4. Banco Bilbao Vizcaya Argentaria
5. Bangkok Bank
6. Bank of America Merrill Lynch*
7. Bank of China*
8. Bank of New York Mellon*
9. Bank of the Philippine Islands (BPI)
10. Bank of Tokyo-Mitsubishi UFJ*
11. Banco Itaù
12. Banco Santander
13. Banco de Crédito del Peru
14. Banco do Brasil
15. Barclays*
16. BNP Paribas*
17. Caixa Bank
34. JPMorgan Chase*
35. Kasikornbank
36. KBC Bank
37. KEB Hana Bank
38. Lloyds Banking Group
39. Mashreq Bank
40. Maybank
41. Mizuho Bank*
42. National Australia Bank
43. Natixis
44. Nordea*
45. Oversea-Chinese Banking Corporation
46. Rabobank
47. Raiffeisen Bank International
48. Royal Bank of Canada*
49. Resona Bank
50. Royal Bank of Scotland
18. Citibank*
19. Commerzbank
20. Credit Suisse
21. CTBC Bank
22. Danske Bank*
23. DBS*
24. Deutsche Bank
25. Ecobank
26. Fifth Third Bank
27. FirstRand Bank
28. HSBC
29. ICICI Bank
30. Industrial and Commercial
Bank of China*
31. ING*
32. Intesa Sanpaolo*
33. Investec
(*) Pilot bank
12
Initiative Group
Entry
criteria
Exit
criteria
Broad
participation,
drive promotion
Controlled
participation,
keep practical
 Promote gpii
 Provide feedback into collaborative design
 Leader in global payments innovation
Pilot/User Group
Entry
criteria
Exit
criteria
 Pilot gpii
 Participate in iterative design and testing
 Be early adopter
Broad input
whilst focused
decision-making
Vision Group
 Craft long term vision correspondent banking
 Develop strategic roadmap
Entry
criteria
Exit
criteria
Organisational set-up
The global payments innovation initiative – 02 Jun 2016
13
Timeline
▪ Identify drivers
▪ Define principles
▪ Announce initiative
Pilot
Promote
Define strategic roadmap
2015 2016
▪ Show early results
at Sibos
▪ Prepare for
go live
The global payments innovation initiative – 02 Jun 2016
www.swift.com
14The global payments innovation initiative – 02 Jun 2016
Interested?
Contact us
anik.mehta@swift.com
www.swift.com/gpi

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Global Payments Innovation Initiatives

  • 1. 1 Global Payments Innovation Initiative (GPII) Anik Mehta Director, Markets and Initatives, India and Sub-continent, SWIFT
  • 2. The global payments innovation initiative – 02 Jun 2016 2
  • 3. 3 Correspondent banking model is under pressure Customers and regulators push for better payments service Banks rationalize their correspondent banking networks Digital innovators offer new disruptive solutions End customers increasingly demanding Domestic payments going real-time Regulatory intensity and increasing costs Network rationalization Enhanced value proposition Disintermediation The global payments innovation initiative – 02 Jun 2016
  • 4. Correspondent banking disintermediated at origination Local bank Local bank PSP PSP ACH ACH GTB GTB End customer (retail, SME, corp) End customer (retail, SME, corp) Correspondent Banking CorrespondentBankingdisintermediation Transfer Agent Transfer Agent Front Office Back Office Correspondent banking at risk of being cut out The global payments innovation initiative – 02 Jun 2016 4
  • 5. gpii is first concrete step to improve banks’ cross-border payments service 1. Fast(er), same day value 2. Higher efficiency, less intermediaries 3. Secure and compliant 4. Transparent and predictable, with payments tracking 5. Convenient and ubiquitous 1. Slow, can take multiple days 2. Expensive, multiple deducts 3. Secure and compliant 4. No transparency and predictability on cost and time 5. Convenient and ubiquitous 6. Open and inclusive (global reach) 6. Open and inclusive (global reach) Traditional correspondent banking Global payments innovation initiative The objective is to first fix these key pain points Note regarding prices: it will be at the discretion of each gpii member to decide the pricing strategy vis-à-vis its customers, including other financial institutions “Before” “After” 5The global payments innovation initiative – 02 Jun 2016
  • 6. The global payments innovation initiative (gpii) Delivering a new standard in cross-border payments ̶ Proactively respond to evolving customer needs for more speed, transparency and predictability of time and cost in cross-border payments ̶ New multilateral rulebook, initially focused on business-to-business payments ̶ Building on the foundation that banks provide in security, resiliency and compliance ̶ Delivering real-world innovation: building on existing platform, embrace new technologies along a strategic roadmap ̶ Global reach, collaborative industry-wide initiative, organised by SWIFT ̶ Open model, participation based on operational quality  Fast  Transparent  Predictable  Secure  Resilient  Compliant  Real-world innovation  Global reach  Open model 6The global payments innovation initiative – 02 Jun 2016
  • 7. Global payments innovation initiative (gpii) Global reach provided by banks connected to domestic payments systems SLA rulebook with customer at centre of value proposition Smart collaboration (e.g. enhanced compliance practices, optimised intraday liquidity flows) Embrace innovation (e.g. peer-to-peer messaging, real time settlement mechanism) 7 The global payments innovation initiative (gpii) Bank access channels Domestic payment systems SWIFT Bank access channels Domestic payment systems SWIFT Existing SWIFT messaging Bank access channels SWIFT for corporates Bank access channels SWIFT for corporates Accessible by any bank Differentiate vs non-gpii banks Still reach non-gpii banks Reach any bank Operational qualityOpen model The global payments innovation initiative – 02 Jun 2016
  • 8. 8 A gpii payments tracker “in the cloud” Central payments database, hosted at SWIFT “One-glance” status overview Track path, in real time Details of banks along the chain Unique, end-end tracking number Transparency of total fees and time Bankhaus Anton Deutsche Bank Taipei commercial bank 101 > Originator 103 > 103 > 910> BeneficiaryWells Fargo 103 > The global payments innovation initiative – 02 Jun 2016 MT199/API MT199/API MT199/API MT199/API Updated via MT199 or API Data consumption via GUI, via MT199 (push) or via API (pull)
  • 9. Value proposition for corporates Payments with same day use of funds Transparency and predictability of fees End-to-end tracking of payments Transfer of rich payment information 9 Grow international business Enhance supplier relationships Increase treasury efficiencies Benefits for a corporateThe core principles of gpii The global payments innovation initiative – 02 Jun 2016
  • 10. 10 Value proposition for banks Grow volumes • Offer distinctive payments service • Retain and attract new customers • Protect and grow transaction volumes • Comply with regulation (Dodd-Frank, PSD2, …) • Sell payments services to third parties Reduce cost • Lower network management cost, avoid proprietary connections in non-strategic countries, access global quality network • Enhanced compliance practices • Optimised intraday liquidity flows • Increased straight through processing Lead innovation • Reputational benefit • Leader in global payments innovation The global payments innovation initiative – 02 Jun 2016
  • 11. The global payments innovation initiative – 02 Jun 2016 11 Initiative banks 51. Sberbank 52. Scotiabank 53. SEB 54. Société Générale 55. Standard Bank 56. Standard Chartered Bank* 57. Sumitomo Mitsui Banking Corporation* 58. Swedbank 59. Tadhamon International Islamic Bank 60. TD Bank 61. UBS 62. U.S. Bank 63. UniCredit* 64. United Overseas Bank 65. Wells Fargo* 1. ABN AMRO 2. Alfa bank 3. Australia and New Zealand Banking Group* 4. Banco Bilbao Vizcaya Argentaria 5. Bangkok Bank 6. Bank of America Merrill Lynch* 7. Bank of China* 8. Bank of New York Mellon* 9. Bank of the Philippine Islands (BPI) 10. Bank of Tokyo-Mitsubishi UFJ* 11. Banco Itaù 12. Banco Santander 13. Banco de Crédito del Peru 14. Banco do Brasil 15. Barclays* 16. BNP Paribas* 17. Caixa Bank 34. JPMorgan Chase* 35. Kasikornbank 36. KBC Bank 37. KEB Hana Bank 38. Lloyds Banking Group 39. Mashreq Bank 40. Maybank 41. Mizuho Bank* 42. National Australia Bank 43. Natixis 44. Nordea* 45. Oversea-Chinese Banking Corporation 46. Rabobank 47. Raiffeisen Bank International 48. Royal Bank of Canada* 49. Resona Bank 50. Royal Bank of Scotland 18. Citibank* 19. Commerzbank 20. Credit Suisse 21. CTBC Bank 22. Danske Bank* 23. DBS* 24. Deutsche Bank 25. Ecobank 26. Fifth Third Bank 27. FirstRand Bank 28. HSBC 29. ICICI Bank 30. Industrial and Commercial Bank of China* 31. ING* 32. Intesa Sanpaolo* 33. Investec (*) Pilot bank
  • 12. 12 Initiative Group Entry criteria Exit criteria Broad participation, drive promotion Controlled participation, keep practical  Promote gpii  Provide feedback into collaborative design  Leader in global payments innovation Pilot/User Group Entry criteria Exit criteria  Pilot gpii  Participate in iterative design and testing  Be early adopter Broad input whilst focused decision-making Vision Group  Craft long term vision correspondent banking  Develop strategic roadmap Entry criteria Exit criteria Organisational set-up The global payments innovation initiative – 02 Jun 2016
  • 13. 13 Timeline ▪ Identify drivers ▪ Define principles ▪ Announce initiative Pilot Promote Define strategic roadmap 2015 2016 ▪ Show early results at Sibos ▪ Prepare for go live The global payments innovation initiative – 02 Jun 2016
  • 14. www.swift.com 14The global payments innovation initiative – 02 Jun 2016 Interested? Contact us anik.mehta@swift.com www.swift.com/gpi