The global payments innovation initiative Delivering a new standard in cross-border payments ̶ Proactively respond to evolving customer needs for more speed, transparency and predictability of time and cost in cross-border payments ̶ New multilateral rulebook, initially focused on business-to-business payments ̶ Building on the foundation that banks provide in security, resiliency and compliance ̶ Delivering real-world innovation: building on existing platform, embrace new technologies along a strategic roadmap ̶ Global reach, collaborative industry-wide initiative, organised by SWIFT ̶ Open model, participation based on operational quality  Fast  Secure  Real-world innovation  Transparent  Resilient  Global reach  Predictable  Compliant  Open model The global payments innovation initiative - May 2016 5