Global Payment In Init itiative (G (GPI) The future of - - PowerPoint PPT Presentation

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Oct 05, 2023 134 likes •328 views

Global Payment In Init itiative (G (GPI) The future of cross-border payments (SWIFT) London May 2017 Franois Masquelier, Honorary Chairman EACT Way to faster cross-border payments? 2 Cross-border payments are stil ill too slo low !

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Global Payment In Init itiative (G (GPI)

The future of cross-border payments (SWIFT) London May 2017 – François Masquelier, Honorary Chairman EACT

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Way to faster cross-border payments?

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Sending a cross-border payment can take up to 48 hours…
While manufacturing a Toyota car takes only 18 hours…

Cross-border payments are stil ill too slo low !

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PSD2 opens door to almost any company interested in eating a bank’s

lunch… to any FinTech

Reg’s and Tech’s are creating a new level playing field
Payment landscape could be modified soon…
SWIFT reacted strongly (e.g. with GPI)

EU Regulations as enabler to new pla layers?

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Customers and regulators want better

payment services

Speed becomes essential for businesses

and B2C models even more

Banks rationalize correspondent

banking networks in order to face costs increase, although treasurers are facing multitude of new payment methods

New disruptive digital solutions with

enhanced value proposition

Current context?

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Challenges ahead… but opportunities too!

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Needs for new market standard with following features:

1. Speed (of execution with same day value) 2. Transparency (of fees) 3. End-to-End tracking of cross border payments 4. Remittance information transferred unaltered to ease reconciliation processes 5. Get confirmation of payment when completed

To im improve customer experience?

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How to increase customer experience?

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Death of correspondent banking?

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Deliver a new standard in cross-border payment to enhance treasury

efficiency

Use of new technologies (to be explore)
International Payment Assistant to further increase STP of cross-

border payment

Transfer rich payment data
Everything should happen at the touch of a bottom, isn’t it?
To be on board of the digital transformation

SWIFT is is exploring new technologies as Dis istributed Le Ledger

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New technologies should be be considered…

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GPI at t a gla lance…

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Would tr tracking your payment on SWIFT be be as easy as

n AMAZON to tr

track your parcel?

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Be safer
Be faster
Be more transparent
Be traceable
Be more comprehensive with interface and automation (STP)
Be cheaper
Be more resource use efficient
Be more innovative

Who could contest GPI’s objectives? No one!

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Giving third party access (to quasi all) to bank accounts with PSD2….

Good news?!?

«- Happy APY ?!? »

Open API’s to tr transform th the fu futu ture of f payments?

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To make sure (cross-border) payments are done on time and with the

exact amount expected by the beneficiary

To be able to get a confirmation of the payment once executed
To accelerate payment processes and to automate it from initiation to

reconciliation

To reduce costs (if possible)
To reduce or avoid admin burden to chase payments

In In a nutshell, , what is key for Treasurers?

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Conclusion: it it was necessary ry to revis isit it the cross-border paym yments

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