Central Banking

Federal Reserve Banks to work with Swift to make cross-border payments ‘more traceable’

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Nearly 100 banks have signed up to Swift's global payment innovation service

The US Federal Reserve Banks and The Clearing House (TCH) have partnered with global payments messaging service provider Swift to make its global payment innovation (gpi) service available to clients.

In a statement published by Swift on March 13, it announced the Fedwire Funds service – the real-time gross settlement system used by the Federal Reserve Banks – would be using Swift’s gpi to provide clients with “an efficient, fast, more transparent and traceable cross-border payments service.”

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