Following a successful pilot with 17 banks, SWIFT has launched the gpi Observer Analytics tool, a new resource for gpi banks to gain more comprehensive business insights into their gpi traffic flows.
The unique market and competitive analysis that gpi Observer Analytics provides will allow African gpi-member banks to act on reliable and fact-based information to understand the current itinerary and speed of their payment instructions.
Larize Nel, Payments Portfolio Manager, ABSA Bank, said: “Complex data made simple! This is such a powerful tool. It provides a simplistic and customized view on data that was previously difficult to access, analyze and visualize.”
According to a recent SWIFT white paper, transaction banking corridors in Africa have shifted in recent years. The report, based on SWIFT Business Intelligence data, shows an increase in intra-African clearing and trade and a move towards regional currency usage. The gpi Observer Analytics will now allow African banks to navigate this evolving landscape, optimise payment routings and steer their cross-border payment strategies.
By benchmarking and monitoring gpi payments at country, country corridor, and currency level, financial institutions will be able to see their activity shares, view gpi market practices and identify new business opportunities. They will also be able to use the tool to spot any outliers in their cross-border payment flows.
In addition, it will enable financial institutions to fine-tune Service Level Agreements with their correspondent banks, leading to lower costs and faster payments and, ultimately, an improved customer value proposition.
Denis Kruger, Head of Sub-Sahara Africa at SWIFT, said: “SWIFT’s gpi Observer Analytics data will allow African banks to enhance the international payments experience for their customers and can improve payment delivery management with their banking partners. There has been a reduction in the number of foreign correspondent banking relationships which has affected most of Africa. Initiatives such as gpi are helping African banks become more competitive by dramatically improving customer experience through speed, transparency and end-to-end tracking of cross-border payments.”
Launched following a successful pilot with 17 banks, gpi Observer Analytics is now available to all gpi banks.
Harry Newman, Head of Banking, SWIFT, said: “Banks want to have much more information to help them better direct their payment messages. gpi Observer Analytics is designed to give gpi members deeper business insights into their gpi payment flows giving them routing intelligence and allowing them to benchmark against the wider gpi community.”