Banco Bradesco joins Swift gpi
06 June 2018 | 8253 views | 0
SWIFT announces that Banco Bradesco, one of the largest banks in Brazil, has joined SWIFT’s global payment innovation (gpi) service to enhance its customer experience, and increase the speed, transparency and traceability of cross-border payments.
As a truly global, fast, secure and transparent cross-border service, SWIFT gpi is delivering real and tangible change, and the increase in its use is testament to the huge benefits it delivers to end customers.
Banco Bradesco, said: "We are proud to announce that Bradesco is the first Brazilian bank to adopt SWIFT gpi. By joining the initiative, we hope to increase our competitiveness and efficiency in cross-border payments service. SWIFT gpi continues to gain significant traction among financial institutions all over the world, allowing us to innovate our services and offer greater benefits to our clients."
The rapid widespread adoption and use of SWIFT gpi has been driven by demand for a faster, more transparent cross-border payments service. Already, nearly 50% of gpi payments are completed and credited to end beneficiaries’ accounts in less than 30 minutes, many within seconds. With more than $100bn a day now flowing securely over gpi, it is rapidly becoming the new cross-border standard, helping to generate up to 50% reduction in enquiry costs.
"We thank Banco Bradesco, one of the largest banking organizations in Latin America, for having placed their trust in SWIFT gpi. More and more financial entities are joining this solution, which allows us to expand coverage in institutions, markets and geographies. Through SWIFT gpi, we are substantially improving the speed and transparency of payments, helping clients achieve greater efficiency, reducing operating costs, decreasing time spent on investigations, and providing predictability and confirmation of international payments," said Juan Martínez, Managing Director, Latin America and the Caribbean, SWIFT.
Since its launch in 2017, SWIFT gpi has experienced rapid and extensive adoption. More than 165 banks, representing 80% of SWIFT’s cross-border payments traffic, and including 49 of the world’s s top 50 banks, have signed up to the service. To date, 50 million gpi payments have been processed, with hundreds of thousands of payments sent daily across 350 country corridors, in more than 100 currencies.