Over 20 leading Asia Pacific banks committed to live SWIFT gpi service

Over 20 leading Asia
Pacific banks committed to live SWIFT gpi service

Business and technical innovation
provides a new world for corporates and their supply chains

SINGAPORE, 23 May 2017 – SWIFT announces today that 24 banks in Asia Pacific, part of
over 70 leading banks globally, are live or planning to implement SWIFT gpi.
These banks are members of an initiative that now includes over 110 banks
globally. The SWIFT gpi initiative that launched in December 2015 went live
with transactions in January 2017.

The initiative transforms corporates’ cross-border payments
experience by bringing together same day payment, transparency of fees and
real-time tracking. It is based on the existing SWIFT rails trusted by the
industry for over 40 years. SWIFT gpi introduces a new set of business rules
and further technical innovation to reduce the friction that existed in
cross-border payments and bring more transparency to improve the supply chain
for corporates. 

Asia Pacific banks have been showing strong interest in this new
generation cross-border payments service. Many corridors live on SWIFT gpi
cover Asia Pacific and the China-US corridor is currently the largest globally.

Michael Moon, Head of Payments, Asia Pacific at SWIFT said: “SWIFT
gpi is the biggest thing happening to cross-border payments in 30 years. In a
deeply connected world, massive trading blocs such as China, India and ASEAN
require faster, transparent and traceable payment services to support their
trade and supply chains. SWIFT gpi creates a whole new world for corporate
payments by reducing business process friction and providing new innovative
services”. 

To learn more, visit swift.com/gpi or ask your bank about SWIFT gpi.

The following banks in Asia Pacific are already live or currently implementing
SWIFT gpi:

1.     Agricultural Bank of China

2.     Australia and New Zealand Banking Group

3.     Bank of China

4.     Bank of Communications

5.     China Citic Bank

6.     China Construction Bank 

7.     China Minsheng Banking Corporation

8.     Commonwealth Bank of Australia

9.     DBS Bank 

10.  Guangfa Bank

11.  Industrial and Commercial Bank of China

12.  Industrial Bank 

13.  KEB Hana Bank

14.  Mizuho Bank

15.  National Australia Bank 

16.  Oversea-Chinese Banking Corporation (OCBC)

17.  Ping An Bank

18.  Postal Savings Bank of China

19.  Shanghai Pudong Development Bank

20.  Siam Commercial Bank 

21.  Standard Chartered Bank

22.  Sumitomo Mitsui Banking Corporation (SMBC)

23.  Westpac Banking Corporation

24.  Zhejiang Rural Credit Cooperative Union