Major banks already use SWIFT GPI in their transactional banking

Available from January 2017

Corporate treasuries around the world are already benefiting from an improved cross-border payments experience.

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SWIFT announces that banks are actively using the new global payments innovation service (GPI, global payments innovation service) de SWIFT for its transactional banking, which has been available since January 2017. ABN AMOR, 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 using SWIFT GPI, exchanging payments GPI between runners from 60 countries. Numerous additional banks will join in the coming months.

 

“We are excited that the service SWIFT GPI has been launched and is already improving the cross-border payments experience for company treasuries,” he says. Christian Sarafidis, director of SWIFT Marketing. “The international financial community committed a year ago to dramatically improve the cross-border payments experience, and today marks an important milestone in delivering on this promise. Furthermore, it demonstrates the ability to SWIFT and the financial industry to collaborate, innovate and quickly introduce new solutions.”

 

 

 

SWIFT is working on the next phase of GPI which will include additional services to further improve the cross-border payments experience.

 

 

 

SWIFT GPI It allows banks to make cross-border payments faster in a transparent and traceable way. The new and innovative GPI Tracker It allows banks to provide corporate treasurers with a complete, real-time view of the status of their payments, including confirmations when payments have been credited to beneficiary accounts. This way, treasurers are even assured that all payment information is transferred unchanged to the beneficiary. SWIFT will also provide the GPI Observer, a tool for monitoring participants' compliance with the rules established in GPI.

 

“Our clients demand faster execution of cross-border payments, greater transparency in costs and traceability from start to finish. For BBVA, SWIFT GPI "It is a first step to respond to those needs of our clients," explains the head of BBVA Global Transaction Services, Carmela Gómez. “We are very happy that a Spanish entity like BBVA has joined this initiative and is part of the first group of banks that are already using SWIFT's global payments innovation service,” he points out. Gema Montoya, director of SWIFT Iberia.

 

SWIFT is working on the next phase of GPI which will include additional services to further improve the cross-border payments experience.

 

“Customers need more security, transparency and traceability in their cross-border payments SWIFT gpi already allows it,” he points out. Win Raymaekers, Head of GPI at SWIFT. “With almost one hundred banks signed up, SWIFT GPI is set to expand rapidly with more banks, new features and additional payment services.”

 

In parallel form, SWIFT GPI is analyzing distributed technology applied to real-time Nostro account reconciliation. To this end, this January the launch of a proof of concept was announced.