Digitization is gathering pace, and innovative paymentproviders are using new technologies to change the landscape of thefinancial services sector. Corporate banking customers aredemanding more and more efficiency and transparency in theircross-border payments. And the global correspondent bankingnetwork—the crucial facilitator of international trade—is underincreasing pressure to adapt.

Banks have long been reliant on the payments infrastructureprovided by the Society for Worldwide Interbank FinancialTelecommunication, known more commonly as SWIFT, the global networkthat enables communication of financial information between banks.But the status quo is no longer acceptable. Financial institutionsthat want to remain competitive in the market for cross-bordertrade must embrace innovation.

This is where SWIFT's global payments innovation (GPI)initiative comes in. The initiative commits banks to a higherstandard when facilitating cross-border payments, which helpscorporate banking customers grow their international business. Theinitiative's pilot program, which launched last April, marks avital step forward.