One of the widely known mediums for financial transaction messaging called Swift has been facing criticism for not being able to fulfill the needs of financial markets around the world. There are some who believe that it has turned out to be inefficient for settling cross-border payments for not being able to manage real-time settlement of any transaction amount and not being transparent in payment status and settlement risk. Global Payments Innovation - A New Initiative In response to such criticism, Swift has launched Global Payments Innovation ('GPI'), which has the ability to make funds available...
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