SWIFT announces today the launch of an approved certification programme for vendors that support SWIFT gpi in their payment applications.
This certification programme will ensure that gpi capabilities are inherently available in these applications, thereby reducing both time and cost for the banks when they go live with gpi. The programme builds on the successful implementation by several key vendors at 20 global banks that are exchanging tens of thousands cross-border payments every day using gpi, providing their customers with an enhanced payments experience.
“One of the reasons SWIFT gpi is successful is because the gpi rules and standards are integrated in banks’ core back-office payment applications,” says Wim Raymaekers, Head of Banking Markets and SWIFT gpi at SWIFT. “Vendors are essential to this process, and we welcome more vendors to join this certification programme. For vendors, this certification label will promote their gpi capability to the global banking community. For banks, this means they can go live with gpi even more easily. And for corporates, they will get an even better payments experience. With this approach, everybody wins.”
SWIFT gpi enables banks to offer a fast, transparent and traceable cross-border payments service. The innovative gpi Tracker allows banks to provide corporate treasurers with an end-to-end view on the status of their payments in real-time, including confirmation 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.
The global payment application vendor community has voiced its excitement about SWIFT gpi, as bringing ‘real world innovation’ to cross-border payments.
WA Proctor, Vice President, ACI worldwide shared how gpi meets customer needs: “SWIFT gpi is a value-added service that lowers support costs and improves customer experience and channel efficiency, which is why we have been an early provider of the functionality. ACI Money Transfer System’s (MTS) gpi solution is configured to be fully integrated with the bank’s applications and workflows, allowing quick rollout - so our customers can experience the benefits of gpi from day one.”
Robin Crewe, CTO, Lending & Transaction Banking, Finastra also emphasised the importance of gpi and the need for a gpi certification label:
“From enabling same day payments to increasing transparency, Finastra is committed to improving the payments experience for banks and corporates around the world. We are proud to work with SWIFT on gpi to improve cross-border payments, and to be able to provide clients of our global payments solution with access to fast, transparent, and traceable payments made around the world. Through SWIFT’s rigorous certification process for vendors, banks and corporates can be confident that Finastra fully supports gpi payments and their capabilities.”
Another key vendor, Cheryl Gurz, Director of CGI’s Global Payments Solutions Group commented:
“CGI continues its fundamental contributions to the global payments industry by integrating SWIFT gpi functionality into our BESS and ALL Payments products, enabling our bank clients to deliver value to their customers by improving the speed and transparency of cross-border payments. The global payments community continues to evolve and CGI is committed to supporting the SWIFT gpi roadmap through future innovation and participation in the SWIFT gpi certification program”.