Objective: deliver a better customer payment experience “Before” “After” Traditional correspondent banking The global payments innovation initiative 1. Slow, can take multiple days 1. Fast(er) (start with “same day”) 2. Expensive, multiple deducts 2. Higher efficiency & less intermediaries 3. Secure and compliant 3. Secure and compliant 4. No transparency and predictability on cost and 4. Transparent and predictable, with payments time tracking 5. Convenient and ubiquitous 5. Convenient and ubiquitous 6. Open and inclusive (global reach) 6. Open and inclusive (global reach) The objective is to first fix these key pain points Note regarding prices: it will be at the discretion of each gpii member to decide the pricing strategy vis-à-vis its customers, including other financial institutions The global payments innovation initiative - May 2016 4