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Major global transaction banks now live with SWIFT gpi

First Published 16th February 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 now exchanging SWIFT gpi payments across 60 country corridors.

Christian Sarafidis, SWIFT

Christian Sarafidis, SWIFT

Brussels - SWIFT has announced 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. 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."

The 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. Remittance information, such as invoice references, can now be 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.

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