19 August 2017
Find out more

Global transaction banks live on Swift gpi

16 February 2017  |  3575 views  |  0 Source: Swift

SWIFT announces today that global transaction banks are actively using SWIFT’s new global payments innovation (gpi) service, which opened for live payments in January 2017.

ABN AMRO, Bank of China, BBVA, Citi, Danske Bank, DBS Bank, Industrial and Commercial Bank of China, ING Bank, Intesa Sanpaolo, Nordea Bank, Standard Chartered Bank and UniCredit are live with SWIFT gpi, exchanging gpi payments across 60 country corridors. Numerous additional banks will follow in the coming months.

“We are delighted that SWIFT gpi is now live and is already enhancing the cross-border payments experience for corporate treasurers,” says Christian Sarafidis, Chief Marketing Officer at SWIFT. “A year ago the global financial community pledged to dramatically improve the cross-border payments experience, and today marks a major milestone in delivering on that promise. It further demonstrates the ability of SWIFT and the financial industry to collaborate, innovate and rapidly introduce new solutions.”

We are delighted that SWIFT gpi is now live and is already enhancing the cross-border payments experience for corporate treasurers.

Christian Sarafidis, Chief Marketing Officer at SWIFT

SWIFT gpi enables banks to offer a faster, more transparent and traceable cross-border payments service. The highly innovative new gpi Tracker feature allows banks to provide corporate treasurers with a real-time, end-to-end view on the status of their payments, including confirmations when payments have been credited to beneficiaries’ accounts. Treasurers also now have certainty that remittance information, such as invoice references, are transferred unaltered to the beneficiary. SWIFT will also introduce the gpi Observer, a quality assurance tool that monitors participants’ adherence to the gpi business rules.

SWIFT is already designing the next phase of gpi, which will include additional digital services to further transform the cross-border payment experience, such as a rich payment data service.

Wim Raymaekers, Head of SWIFT gpi at SWIFT adds: “Customers require more certainty, transparency and traceability in their cross-border payments; SWIFT gpi is delivering this today. And with nearly 100 leading transaction banks already signed up, SWIFT gpi is set to rapidly expand with more banks, new features and additional payment services.”

Customers require more certainty, transparency and traceability in their cross-border payments; SWIFT gpi is delivering this today. And with nearly 100 leading transaction banks already signed up, SWIFT gpi is set to rapidly expand with more banks, new features and additional payment services.

Wim Raymaekers, Head of SWIFT gpi at SWIFT

In parallel, SWIFT gpi is exploring distributed ledger technology for real-time Nostro account reconciliation. A proof of concept was announced in January 2017.

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.abe-eba.euvisit www.niceactimize.comvisit www.dorsum.eu

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
7710 views comments | 22 tweets | 23 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
7313 views comments | 19 tweets | 23 linkedin
hands typing furiouslyWhy Blockchain Might Not Be The Future For...
6040 views 1 | 5 tweets | 3 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
6035 views comments | 10 tweets | 7 linkedin
Apple sidelined as Beijing transit system launches payments appApple sidelined as Beijing transit system...
5867 views comments | 11 tweets | 9 linkedin

Featured job

Competitive base and bonus, plus benefits
London, UK

Find your next job