Q: What major milestones has Swift gpi achieved to date?
A: Following a general agreement around gpi’s basic business rules, we launched a pilot in February 2016 and the first live messages were exchanged at the end of that year. The speed of action is testament to the urgency [felt by the banking industry], but also that we got the architecture right. We developed gpi on the current rails because we couldn’t wait until new technologies became bank-grade ready.
With the cost of know-your-customer compliance increasing, sharing client information to a standard everyone trusts makes absolute sense. Katja Zschieschang, Deutsche Bank’s resident KYC expert, looks at the benefits of a collaborative approach to data collection to help reduce the costs of compliance.
Correspondent banking relationships may have been scaled back because of a stricter regulatory environment since the financial crisis, but a refocusing of bank strategies, close industry collaboration and exciting new technologies are ensuring cross-border payments are keeping up with the demand. Christian Westerhaus, global head of clearing products, cash management, at Deutsche Bank explains why the future is bright.
As global market infrastructures modernise across the world, Deutsche Bank’s head of market infrastructure and industry initiatives, cash management, Paula Roels, examines where the global banking industry stands in implementing the landmark ISO 20022 standard, the different approaches to its implementation and the critical factors for success.
