The Global Payments Innovation Initiative
Much has been spoken about Fintech companies gaining traction over traditional banks with legacy systems and slow-to-act corporate hierarchies. Corporate expectations and new payment market entrants are putting pressure on the banks to innovate the traditional correspondent banking model for cross-border payments.
So the recent announcement of SWIFT new launch of the Global Payments Innovation Initiative (GPII) got quite some eyeballs and attention. With already 45 banks and more signing up onto this initiative, will this be able to snowball into something that undo the equation for fintechs?
The GPII aims to dramatically improve the customer experience in correspondent banking by increasing the speed, transparency and predictability of cross-border payments. The key word in all of this is probably ‘speed’ as banks must act faster to compete in this changing digital economy.
Wim Raymaekers, Head of Banking Markets, SWIFT, said: “This initiative is an important first step in driving cross-border payments innovation. As part of the initiative we will continue to develop new and enhanced services, utilising SWIFT’s Innotribe initiative to further engage the FinTech community and explore the application of innovations such as real time payment status tracking, the use of peer-to-peer messaging and blockchain technology.”
Join the discussion with Wim Raymaekers who leads this initiative and hear his perspective!
- Are banks ready for a drastic change?
- How will this improve the corporate customer experience?
- Impacts globally on banks and corporates
Wim Raymaekers leads SWIFT’s banking initiatives worldwide, and is responsible for developing and driving value propositions across the banking community. In this capacity, Wim’s mission is to help banks grow their business, particularly in view of changing customer and market requirements. Since joining SWIFT in1991, Wim has developed several initiatives that help banks to achieve operational efficiency and reduce costs, as well as improve liquidity management processes. He is also responsible for leading thought leadership initiatives within the banking organisation, namely in the area of correspondent banking e.g. crypto-currencies, international person-to-person payments, mobile payments, and RMB internationalisation, and assists banks with the implementation of these trends into their strategic product offering.
Previously, Wim has held several positions at SWIFT, including senior management roles in corporate cash management, connectivity channels and e-commerce. Prior to joining SWIFT, he worked at Fortis (now BNP Paribas) and in the accounting department of a high tech company. Wim has a university degree in Commerce and a post-graduate master degree in Information Technology. In addition to English he is fluent in Dutch, French and German. Wim is based at SWIFT’s headquarters in La Hulpe, Belgium.