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Corporate treasurers can now find out where a payment is at any given time
BRUSSELS, May 23, 2017 /PRNewswire/ -- SWIFT announces today the availability of its new cross-border payments Tracker that enables international payments to be traced in real-time. The Tracker is the cornerstone of SWIFT gpi – the cooperative's new payments innovation service – which is revolutionizing the industry by combining real-time payments tracking with the speed and certainty of same-day settlement for international payments.
Available since January 2017, more than 20 global transaction banks are using or implementing the SWIFT gpi service, with another 50 in the implementation pipeline. Hundreds of thousands of gpi payments have already been sent across more than 85 country corridors.
"Uptake of SWIFT's gpi service has been encouraging and the addition of the Tracker capability can only help build momentum and accelerate adoption of the service in international payments," says David Bannister, Principal Analyst, Ovum. "The most common complaint from corporates is the lack of visibility on their payments' status. With the Tracker capability, SWIFT gpi tackles that issue and will be a useful tool to help corporate treasurers to execute their core responsibilities."
SWIFT gpi enables companies engaged in international trade to get paid for services, or delivery of goods, in a more timely fashion, enabling a faster supply chain process. The highly innovative gpi Tracker provides corporate treasurers with a real-time, end-to-end view of their payments combined with a confirmation notice when the money reaches the recipient's account. It also enables a more accurate reconciliation of payments and invoices, optimizes liquidity with improved cash forecasts and reduces exposure to FX risks with same-day processing of funds in the beneficiary's time zone. The Tracker is available via an open API, making it compatible with proprietary banking systems worldwide -- helping to ensure maximum impact of gpi benefits at a greater adoption speed.
SWIFT gpi has garnered considerable industry support across the globe. More than 110 leading transaction banks have committed to the service, representing over 75% of all SWIFT cross-border payments. Recent joiners to SWIFT gpi include: Agricultural Bank of China, Bank of Communications, Banque Centrale Populaire, BayernLB, China Citic Bank, China Minsheng Banking Corporation, Commercial Bank of Kuwait, Denizbank, Ebury, Industrial Bank, Guangfa Bank, Lek Securities, Ping An Bank, Piraeus Bank, Postal Savings Bank of China, Shanghai Pudong Development Bank, Turkiye Cumhuriyeti Ziraat Bankasi, Westpac Banking Corporation and Yapi Kredi, and Zhejiang Rural Credit Cooperative Union. Click here for a full list of participating banks.
The service is also compatible with and integrated into domestic payment market infrastructures (MIs) across the globe, facilitating local clearing and settlement of gpi payments. Banks can already exchange gpi payments over the 56 SWIFT-connected MIs as well as other MIs that have established local market practices for their participants that use the gpi service. SWIFT will also continue to actively engage with additional MI communities for future gpi compatibility.
"Today's announcement is a significant step towards a game-changing experience for corporates the world over," says Christian Sarafidis, Chief Marketing Officer, SWIFT. "By taking advantage of the right technology, at the right time, with the right players behind us, SWIFT has successfully helped correspondent banking reach a significant milestone in its evolution."
Wim Raymaekers, Programme Manager for SWIFT gpi adds, "This is only the beginning for SWIFT gpi. We will continue to explore new technologies, such as blockchain, and deliver more value added payment services further transforming the international payments landscape and, in doing so, accelerating global trade."
To learn more, visit swift.com/gpi or ask your bank about SWIFT gpi.
Notes to Editors
"As one of the earliest banks participating in SWIFT gpi, Bank of China (BOC) has not only achieved good results with a leading position in the implementation of gpi, but also played an important role in rule making, pilot testing and long-term planning. In January of this year, BOC has become one of the go-live banks in the world. Up to now, our gpi business has covered 50 domestic and overseas BOC branches and 11 major currencies, with rapid growth of channels and customer coverage. Meanwhile, based on gpi, we have launched 'Bank of China, Global Payment Intelligence' (BOC-GPI). Since gpi went live in January, we have received good feedbacks from both customers and markets. SWIFT gpi is gradually becoming a preferred or even favored payment product choice for customers. Customer's praises and responses have showed us gpi's remarkable results, which are indeed the gpi aim and value. By solving the deficiencies in global payment, customer experience has been highly improved and the competitiveness of commercial banks has also increased. The gpi project is an important SWIFT initiative in promoting the innovation and development of global payment. It conforms to the needs of the market and customers, and reflects the consensus of the global banking industry. It is hoped that, based on gpi, we wish not only to be able to follow the market needs, but also to guide and create market demands in the global payment field. We also hope that GPI will soon become a new normal in global cross-border payment." - Mr. Wu Jianguang, General Manager of Clearing Dept, Bank of China
"SWIFT gpi created a new era for cross-border payments. From the perspective of commercial banks, participating in SWIFT gpi facilitates to consolidate the traditional dominance and further improves the quality and efficiency of cross-border payments. The active involvement of inter-bank multilateral cooperation among gpi members dedicates greatly to the enrichment and optimization of global clearing network. The banks will furnish superior clearing service via applying the latest technological and innovative achievements, which contributes to improve customer experience of international payments. ICBC relies on the unified clearing system, initiates integrated development strategy and achieves to deploy the rule of gpi within ICBC group. ICBC will exert the predominance of global business distribution to further expand the service network, provide more premium and efficient cross-border payment services for clients and financial institutions." - Peng Hua, Deputy Head of Clearing Center, Operation Management Department, ICBC
"SWIFT gpi is critical for the banking industry to remain relevant and competitive in the cross-border payments space. OCBC is committed to being an integral part of this initiative as we continue to bring value to our customers through enhanced payment services. SWIFT gpi will provide them with faster, greater transparency in their cross-border payments and better optimisation of their group liquidity requirements. "- Greg Trotter, Head of Cash Management, Global Transaction Banking, OCBC Bank
"In today's transactional banking business, transparency on cross border payment is probably the one the market longs for quite some time. This SWIFT global payment initiative is a key enabler for the industry to bring cross border payment services to the new level in terms of tracking and fee transparency. SCB is very pleased to participate in this initiative which also aligns with our commitment to provide our clients a better experience in cross border payment space." - Pipat Assamongkol, First Executive Vice President, Global Transaction Services Department, Siam Commercial Bank
"We believe SWIFT gpi made another critical step towards innovation in cross-border payments services. Seeing more banks taking up gpi prove the success of this initiative. SMBC is proud to be a part of this initiative from the pilot and keen to bring new experience to our customer soon." - Airo Shibuya, Senior General Manager, Transaction Business Planning Dept., Sumitomo Mitsui Banking Corporation
"As a market leader we are investing in transformation technologies to support the needs of the financial services industry. This development is a good example that will fundamentally advance the cross boarder payments experience." - Di Challenor Westpac's General Manager, Global Transaction Services
About SWIFT
SWIFT is a global member owned cooperative and the world's leading provider of secure financial messaging services. We provide our community with a platform for messaging and standards for communicating, and we offer products and services to facilitate access and integration, identification, analysis and regulatory compliance.
Our messaging platform, products and services connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories. While SWIFT does not hold funds or manage accounts on behalf of customers, we enable our global community of users to communicate securely, exchanging standardised financial messages in a reliable way, thereby supporting global and local financial flows, as well as trade and commerce all around the world.
As their trusted provider, we relentlessly pursue operational excellence; we support our community in addressing cyber threats; and we continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies. Our products and services support our community's access and integration, business intelligence, reference data and financial crime compliance needs. SWIFT also brings the financial community together – at global, regional and local levels – to shape market practice, define standards and debate issues of mutual interest or concern.
Headquartered in Belgium, SWIFT's international governance and oversight reinforces the neutral, global character of its cooperative structure. SWIFT's global office network ensures an active presence in all the major financial centres.
For more information, visit www.swift.com or follow us on Twitter: @swiftcommunity and LinkedIn: SWIFT
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