Major Global Transaction Banks Are Live With SWIFT Gpi

SWIFT announces 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.”

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.

Several African banks including Standard Bank, First Rand and Investec have already announced the proposed adoption of SWIFT’s gpi.

Sido Bestani, head of Middle East, Turkey & Africa, SWIFT, says: “Going live with the SWIFT gpi initiative is an important milestone for SWIFT and the financial industry. It means banks can offer quicker, more transparent services to their corporate customers and enable the industry as a whole to add value along the transaction chain. The gpi initiative is already getting a lot of interest from African banks and corporates, and will play an important role in helping to grow intra-African trade.”

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 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.”