Thailand's Big 4 onboard SWIFT gpi for faster cross-border payments

They join around 10,000 other banks on the platform.

Thailand’s largest banks - Bangkok Bank, Kasikorn Bank, Siam Commercial Bank and Thai Military Bank - have gone live on SWIFT’s global payment initiative (gpi) in an effort to streamline the cross-border fund transfer process, reports The Nation. 

These four banks, which account for more than 70% of cross-border payments in the country, are joining around 10,000 other lenders who are live or planning to join the platform in the next two years. 

Also read: APAC banks to launch cross-border real-time payments via SWIFT gpi

Launched in January 2017, the SWIFT global payments innovation (SWIFT gpi) buoys cross-border payments in over 350 country corridors through its enhanced business rules and a secure tracking database in the cloud accessible via APIs allowing businesses to grow their international footprint, improve supplier relationships and achieve greater treasury efficiencies.

With a real-time global payments innovation (gpi) sub-scheme already in place, banks are currently working on the second phase which will extend gpi rails into existing payments systems within each country.

The third phase would see banks linking domestic real-time payments system via SWIFT gpi to facilitate full cross-border payments independently of whether users hold accounts at banks connected to SWIFT gpi tech.