More than 100 leading global banks are members of SWIFT gpi
TORONTO – Demonstrating its ongoing commitment to the global clearing business and serving the needs of financial institution clients and their customers, Wells Fargo’s Financial Institutions Group (FIG) announces its intention to go live with SWIFT’s global payment innovation (gpi) initiative in November 2017. Wells Fargo, which made the announcement today at SIBOS, is participating in USD currency payments for the instructed and intermediary bank roles as part of the initiative.
Wells Fargo was one of the original banks and an early supporter of the SWIFT gpi initiative. As one of the member banks participating in the gpi pilot, Wells Fargo has been actively working with the SWIFT gpi vision group in helping shape the future of correspondent banking.
“SWIFT gpi aligns with Wells Fargo’s strategic vision for transparency while also driving innovation and efficiency to deliver a transformational global payment experience,” said Joanne Strobel, head of Technical Sales and Payment Strategy for Wells Fargo’s FIG Global Payment Services. “Wells Fargo believes that transparency of payment status and predictability of fees are paramount. We’re excited to participate in SWIFT gpi and plan to extend the scope of our participation in the near future.”
By increasing the speed, transparency and end-to-end tracking of transactions, SWIFT gpi dramatically improves the customer experience in cross-border payments. Initially focusing on business-to-business payments, SWIFT gpi helps banks enable their corporate clients to grow their international business, improve supplier relationships and achieve greater treasury efficiencies.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,400 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 268,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2017 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.