Cross-border payments are significantly improved
in terms of speed, transparency and end-to-end tracking.
Live since January last year, the first phase of SWIFT gpi addresses business-to-business cross-border payments; the second phase, planned for 2018, will enable the digital transformation of cross-border payments, while the third phase, focused on collaborative innovation, might even tackle the distributed ledger technology.
To date, thanks to SWIFT gpi, corporates benefit from international business growth, supplier relationships improvement, as well as more efficient treasuries, by means of faster, same-day use of funds, transparent fees, and end-to-end payments tracking.
It also enables a more accurate reconciliation of payments and invoices, reduces exposure to FX risks, and optimizes liquidity with improved cash forecasts.
The main features SWIFT gpi brings to the table are:
- The Tracker, which gives end-to-end visibility on the status of a payment transaction from the moment it is sent until it is confirmed. It can be updated by FIN messages or via API.
- The Observer, a central service which monitors adherence to the new SLA for all members. The global view it gives enables gpi banks to quickly identify potential areas for improvement and collaborative work.
- The Directory: a complete list of all gpi members, available in a wide variety of formats, which enables comprehensive end-to-end path finding for gpi payments. This list is accessible via automated delivery channels and it includes details such as: banks by BIC, currencies, channels, cut-off times, etc.
As of now, over 140 banks have joined the service, channeling payments into more than 200 countries, and success stories keep showing up all over the world, proof that SWIFT’s initiative is a win for all parties involved.
*Allevo is SWIFT Business Partner and Registered Vendor. As part of this partnership Allevo promotes SWIFT product and service portfolio in Romania.
**The content of this blog post belongs to its author and does not reflect the official position of SWIFT.
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