SWIFT expand GPI initiative with Fintechs = full integration with corporate users

Ebury, one of the fastest growing fintechs for corporate cross-border payments and growth lending, have announced their collaboration with SWIFT gpi, which allows corporations to monitor and view payments globally in real-time. SWIFT gpi is now supported by 110 global transaction banks. Ebury is the second non-bank organisation to join the initiative.

Tracking payments

A key part in the GPI initiative is the ability to trace payments in real-time and same-day settlement which will allow faster supply chain processing. With the addition of fintechs such as Ebury into the SWIFT GPI initiative, corporate treasury departments will be able to integrate the SWIFT’s Tracker into their own processess and systems. Comments from Ebury and SWIFT show their aims: 

• Ebury: Mark Hewlett, Wholesale Banking Relationship Director, states: “Our goal is always to simplify and improve the payment experience for our customers with key innovations. The gpi Tracker, will give treasurers the ability to take a more strategic approach to cross border payments. We look forward to being an active member of the gpi community and partnering with banks to make this the new normal for our customers - giving them the certainty they need to make and receive payments internationally”
• SWIFT: “We are pleased to welcome Ebury to SWIFT gpi, says Steve Gilderdale, Head of UK, Nordics and Ireland. gpi is an innovative solution enabling corporates to better manage their payments supply chain. Working with key non-bank participants, such as Ebury, adds a tremendous value that will help us grow the service across all payment channels”.

Integrating the GPI initiative

The addition of fintechs into the SWIFT GPI initiative is vital because it will mean that GPI will be integrated into corporate processes and systems. The banks will not be able to restrict access to full GPI functionality, fintechs will use it all from Day 1.