By connecting intermediaries more closely, SWIFT gpi not only increases transparency over payment transaction fees and the FX rate applied, but can also guarantee the same-day use of funds.

Some banks, however, remain hesitant to be among the first-movers on SWIFT gpi, amid fears that it may not become a universal payment standard, while others are deterred by adoption costs. But given that SWIFT gpi’s benefits can only be realised once a critical mass of banks are up and running, encouraging more market participants to embrace the initiative’s live operational mode should be a priority.

To this end, Deutsche Bank’s latest white paper sets out to highlight why SWIFT gpi should become the new payment standard for correspondent banking. The paper also acts as a practical implementation guide for those banks yet to complete their roll-out projects.