Championed by Swift, the gpi was launched in conjunction with the banking community, including Deutsche Bank, to increase the speed and efficiency of cross-border payments.
The system allows for tracking of payments and same-day use of funds for corporate clients, and addresses the lack of transparency and slowness of traditional payments processing.
Deutsche Bank introduced gpi services for the US dollar in October, and is one of the first banks to go live via an application programming interface.
Michael Spiegel, head of cash management and head of global transaction banking for Germany at Deutsche Bank called the gpi “the new blueprint in international payments addressing the real needs of clients globally”.
He added: “Initial feedback has shown that many transactions between continents are processed end-to-end and with full tracking capabilities in less than 30 minutes.”