Four Australian banks, Australia and New Zealand Banking Group (ANZ), Commonwealth Bank, National Australia Bank (NAB) and Westpac are now live or planning to implement Swift’s global payments innovation (gpi) initiative.

According to Swift, these Australian banks represent over 80% of cross-border payments flow for Australia.

The banks all say the same stuff – so one quote is enough. Paul Franklin, general manager of payments at NAB, says gpi is “central in providing a foundation for us to deliver a significantly improved and cost-effective cross-border payment experience”.

Gpi has been gaining traction since its launch earlier this year. It promises to deliver greater speed, transparency and end to end tracking in international payments. Swift calls gpi the biggest overhaul of the cross-border payments system since it was first established in the 1970’s to replace the Telex.

In May, Swift unveiled the “industry’s first ever cross-border payments tracker” and more than 20 transaction banks are using or implementing the gpi service, with another 50 in the implementation pipeline.