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SWIFT gpi

More transparency in cross-border payments: SWIFT gpi

The initiative Global Payments Innovation (gpi) has a major impact on the banks' cross-border payments. With this initiative, the SWIFT organisation is responding to the demands for a new service to improve and accelerate cross-border payments.

European payments traffic with SEPA not only meets all legal requirements, but also takes customer wishes into account. Cross-border payments outside the SEPA area, on the other hand, are processed in accordance with the rules, but rarely meet the changed customer requirements. This means, for example, that payments cannot be made on the same day. Moreover, fees, exchange rates and maturities are often not transparent. All this results in a number of customer complaints being dealt with.

SWIFT has therefore worked with more than 150 participating banks to develop the gpi service, which optimises cross-border payments. Thanks to gpi, correspondent banks will remain competitive in future.

Since its launch in 2016, SWIFT gpi has consistently developed and offers new services. Hence, banks that are already using SWIFT gpi must continuously check and adapt their processes. One example is the introduction of a universal confirmation for customers, which will become mandatory from November 2020.

The payment products developed by PPI AG help banks to stay up-to-date in this field. PPI’s TRAVIC-Payment Hub, for example, will already include the mandatory gpi enhancements in good time before the SWIFT dates.

To TRAVIC-Payment Hub for individual payments

In order to offer SWIFT gpi to their customers and thus make cross-border payments more customer-friendly, banks usually have to adapt their processes and systems.

A dedicated team of PPI experts will be pleased to assist you in fulfilling this task. Please feel free to contact us.

 

Further information to download

Sabine Aigner

Contact

Sabine Aigner
Managing Consultant

+49 40 227433-1617
Sabine.Aigner(at)ppi.de

Further information to download