Fast, traceable and transparent cross-border payments are a goal in international payments. But security and fee transparency are also key elements for financial institutions and their customers. Fundamental changes in customer expectations and newly available technologies are driving change in SWIFT payments.
Payments flowing across national borders have changed. The new SWIFT gpi service brings a number of significant improvements in the processing of international payments from which the customer benefits. The objective is shorter processing times with full transparency of the associated costs and simultaneously available information on the status of the transactions.
SWIFT gpi meets these requirements. This means that the status of the payment can be viewed at any time. Traceability is possible thanks to the unique end-to-end transaction reference (UETR). This unambiguous reference is associated with each payment. It is stored and shared by all banks involved in the transaction. The process ends with a confirmation that the payment has been received on the recipient's account, the so-called universal confirmation. For the tracing, the SWIFT gpi Tracker was developed. The tool collects and analyses the SWIFT gpi data and thus significantly improves international payments for corporate customers.
The payments products developed by PPI help financial institutions to implement the requirements of SWIFT gpi. In TRAVIC-Payment Hub, the mandatory gpi enhancements are available in the standard version.
To offer SWIFT GPI to their customers and make cross-border payments more customer-friendly, financial institutions often have to adapt their processes and systems.
A dedicated team of PPI specialists supports you in this task. Get in touch with us for more information.