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SWIFT GPI

Banks around the world are mobilising to create a fast and frictionless cross-border payment experience.

By embracing SWIFT gpi – the new standard in global payments – banks are now sending and receiving funds quickly and securely to anyone, anywhere in the world, with full transparency over where a payment is at any given moment.

SWIFT gpi dramatically improves cross-border payments across the correspondent banking network, and not least for corporates for whom speed, certainty and a smooth international payments experience is an absolute must.

Banks, corporates and market infrastructures around the world are leading the way in making gpi the new norm, so don’t be left behind.

The digital transformation of cross-border payments

In today’s hyper-connected global economy, your corporate customers need a quick and reliable way to send and receive payments internationally. They need to be able to track a payment’s status end to end in real time, see all the costs involved, and be able to easily perform reconciliations.

With SWIFT gpi, the global banking community together with SWIFT have put in place a new standard for handling cross-border payments. Since 2017, SWIFT gpi ensures international payments meet the industry’s needs for speed and transparency. It allows banks to provide their corporate customers with an all-around improved payments experience enabled through easy to use and simple to set up digital tools.

We take a holistic approach to building the future of cross-border payments and work closely with banks, corporates, fintech and others to develop new features and services that continually improve the payments experience. And as security and compliance are firmly embedded in our DNA, the network is strengthened through our Customer Security Programme and Financial Crime Compliance services.

Together we are protecting, shaping and enhancing our financial future.

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A partner you can trust

You can trust SWIFT gpi to help you meet your needs for:

  • Speed – Your payment is credited same-day, usually in just minutes or seconds

  • Traceability – You can track your payment end-to-end in real time, like a parcel

  • Transparency – You can see all bank fees and FX rates

  • Certainty – You can be sure the remittance data remains unaltered

Fast, transparent and trackable payments

In a world of interconnected global commerce, paying for goods and services across borders has become standard practice. For businesses, it is key that international trade be as frictionless as possible. 

That’s why corporates are insisting their banks provide a faster, simpler, and more transparent cross-border payments experience, making them as seamless as domestic payments. 

Through SWIFT gpi, banks and financial institutions are now able to deliver this.

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fast

SWIFT gpi lets you make high-speed cross-border payments in minutes or seconds. 

Nearly 50% of gpi payments are credited to end beneficiaries within 30 minutes, 40% in under 5 minutes, and almost 100% of gpi payments are credited within 24 hours.

This brings immediate benefits to global trade – corporates can take advantage of easier cash flow management and more predictable budgeting, spending, and investing. 

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Trackable

We are used to tracking everything from a parcel to a pizza in real time, so why not a payment?

Bank customers want to know when a payment is sent, where it is, and when it reaches the end recipient. 

With gpi, banks can track their payment flows end-to-end and in real time.

This provides maximum visibility on ongoing cross-border transactions. And when problems occur or customers have a question, banks can intervene faster to resolve any issues or enquires in a timely and efficient way. 

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transparent

Transparency on fees and processing times is a vital requirement for any business that relies on making or receiving international payments. A lack of visibility on costs leads to uncertainty for corporates making payments and time spent trying to reconcile unclear debits.

Through gpi, banks can provide their customers with full visibility on processing fees, exchange rate costs and processing times, meaning all parties can manage their finances and relationships accordingly – and make better decisions faster.

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complete

Data integrity is central to meeting customer needs in international payments. Without reliable and consistent remittance data, it can be difficult to keep track of payments or reconcile invoices and final settlement can be delayed.

With SWIFT gpi, the remittance data that corporates send with their payments is guaranteed to be unaltered when it arrives with the end beneficiary. Beneficiaries can then easily reconcile gpi payments against invoices, speeding up their supply cycles. 

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secure

Sending international payments presents various challenges, including variations in national banking rules and systems, import and export restrictions, foreign exchange controls, and regulatory compliance.

 

SWIFT’s compliance and security controls mean your payments business can stand up to the rapidly evolving nature of digital threats and regulatory reforms, whilst maintaining the high level of speed that customers have come to expect.

SWIFT 

GPI

FOR BANKS

The new standard for cross-border payments

The new standard for

cross-border payments

Transform your customers’ cross-border payment experience by delivering truly fast payments that are fully trackable from end to end.

SWIFT gpi is based on existing messaging standards and bank payment processing systems, making it quick and cost-effective to adapt to the new norm.

Through gpi, banks enhance their relevance within the fast-evolving international payments ecosystem by delivering immediate value to end customers. Additionally, gpi increases efficiencies for bank payment operational teams while reducing overall cost.

Built as a suite of cloud-based tools, SWIFT gpi allows you to track payments, monitor adherence to SLAs, and consult information related to your gpi member bank counterparties all in one place. It’s that easy.

 

Delivering added-value

With more than 100 billion USD in messages being sent every day, SWIFT gpi is enabling payments to be credited to end beneficiaries within minutes and even seconds.

SWIFT gpi has a range of features that deliver added-value to both your bank and your customers. 

 

The gpi Tracker

In today’s world, customers expect greater transparency. When they send a payment, they want to know what is happening with it and when it has been received. Until now, this has not been possible in cross-border payments as each bank has only been able to guarantee and share information on its own leg of the payment.

SWIFT gpi now enables banks to provide end-to-end payments tracking to their customers. The SWIFT Tracker – ‘in the cloud’ and securely hosted at SWIFT –  gives end-to-end visibility on the status of a payment transaction from the moment it is sent right up to when it is confirmed.

SWIFT gpi banks are able to log in to the Tracker to instantly check the status of the payments sent, in progress and received. They can even improve their liquidity management by having visibility on initiated payments already on their way.

The Tracker can be updated by FIN message or via API. It can be accessed via a graphic user interface (GUI) and also via API calls to allow the service to be embedded in other back-office systems.

 

The gpi Observer Insights

SWIFT’s Business Intelligence gpi Observer Insights monitors your adherence to the gpi rulebook – the ‘business rules’.

Gpi banks can quickly pinpoint areas for improvement and work collaboratively towards better implementation of SLAs.

Also, with Observer Insights, all gpi banks have a global view of other gpi banks’ adherence to these SLAs.

Through these business insights, it is easier to have fact-based discussions with your correspondents, to select new payment routings and explore opportunities to develop new ones. 

Leverage SWIFT expertise for a smooth implementation

SWIFT gpi – the new standard in global payments – substantially increases the speed and ease of execution of cross-border transactions for banks, corporates and market infrastructures. Sending and receiving funds becomes faster and more secure, with full transparency of the payment status across the correspondent network. 

Now is the time to join gpi and our SWIFT Professional Services experts will help you through the process.

SWIFT GPI

CORPORATES

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Fast, traceable and transparent cross-border payments

As a corporation, we understand your reliance on efficient cross-border payments processing – with speed, certainty and fee transparency all key elements to running effective treasury and cash management processes.

Today, SWIFT gpi has transformed the cross-border payments experience for corporations, enabling you to reduce payment investigations, improve supplier relationships, speed up invoice reconciliation and ultimately achieve greater capital efficiencies.

The service is now live with over 100 billion USD sent every day via gpi – so you can already benefit from the service through live gpi member banks. SWIFT gpi already accounts for over 30% of total SWIFT end-to-end cross-border payments and will be the standard for all such payments by the end of 2020. 

Track your cross-border payments in real-time

SWIFT gpi transforms your ability to track and trace your cross-border payments. Via your bank, the gpi Tracker allows you to track the status of your cross-border payments in real-time, like a parcel.

Armed with an end-to-end view on your outgoing payments, you can dramatically reduce your bank payment enquiries and be certain that your end-customers have been credited. And, thanks to the payment traceability offered by the gpi Tracker, you can also improve your cash forecasting and optimise your liquidity.

Enabling treasury efficiencies

As a corporate treasurer, once you have sent cross-border payment instructions to your bank, you typically have no sight on what actually happens with that demand or the final amount credited to the beneficiary. This can lead to problems with suppliers or end-customers and increase financial risks resulting from payment delays.

Today, SWIFT gpi has transformed treasurers’ cross-border payments experience, by:

  • Enabling end beneficiaries to be credited in minutes

  • Allowing payments to be tracked from start to finish, like a parcel

  • Offering transparency on bank fees & FX rates;

  • Ensuring remittance data remains unaltered

With SWIFT gpi your cross-border payments processing will become much more efficient, shortening your supply cycles, speeding up your critical payments to minutes and reducing your exposure to FX risks. For the first time you will have a real-time, end-to-end, view on your cross-border payments flows, allowing to improve also your cash forecasting and optimize your liquidity. And gpi enables your banks to send you a confirmation notice when the money reaches your recipient’s account – providing certainty that the beneficiary has been credited.

SWIFT GPI

MARKET INFRASTRUCTURE

Towards global payment interoperability

Payment market infrastructures (PMIs) have a critical role to play in facilitating the end-to-end tracking of cross-border payments. As soon as an international payment reaches a domestic or regional market, PMIs typically come in the picture for local clearing and settlement.

More than 55 PMIs are already delivering value for their members by exchanging gpi payments and enabling domestic exchange and tracking.

SWIFT continues to work with this community to ensure compatibility with the gpi payment specifications and to ultimately achieve global interoperability between domestic and cross-border payments services.

Deliver value for your community

By ensuring compatibility with SWIFT gpi payments, you can make sure your community can access the benefits of SWIFT gpi and deliver a transformed cross-border experience to their customers.

Supporting gpi payments also allows you to deliver real value to members of your community that have already joined SWIFT gpi.

 

You can facilitate the seamless transmission of gpi payments between the cross-border and domestic markets – extending the benefits of gpi right up until the local beneficiary bank – as well as enabling gpi payments to be sent through multiple channels.

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