Objective: deliver a better customer payment experience “Before” “After” Traditional correspondent banking The SWIFT global payments innovation (gpi) 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 on cost and time 4. Transparent, with payments 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 SWIFT gpi member to decide the pricing strategy vis-à-vis its customers, including other financial institutions SWIFT gpi overview - October 2016