Deutsche Bank has gone live with its EUR gpi services. The gpi initiative has been launched by SWIFT and the banking community to increase transparency and speed in cross border payments.
The service offers real-time tracking of payments and same day use of funds for corporate clients. Deutsche Bank is one of the first banks globally to go live via an application programming interface (api).
Having introduced USD gpi services in October, the bank now processes its corporate and financial institutions cross-border payments for the world's two major currencies EUR and USD via this new service offering. Corporate clients do not need to make changes to their operations.
Commenting on the introduction of its gpi services Michael Spiegel, Head of Cash Management and Head of Global Transaction Banking Germany states, "gpi is the new blueprint in international payments addressing the real needs of clients globally. Initial feedback has shown that many transactions between continents are processed end to end and with full tracking capabilities in less than thirty minutes."
The initiative addresses shortcomings of the current SWIFT system which has limited tracking capabilities, lacks transparency and on occasions, is too slow to pass through the correspondent banking chain.