Financial messaging services provider Swift says that six Spanish banks – Banco Sabadell; Banco Santander; Bankinter; BBVA; Caixabank; and Grupo Cooperativo Cajamar - have adopted SWIFT global payments innovation (gpi) initiative.
The six banks represent 85% of the cross-border payments market in Spain. All are live on the service and are actively using SWIFT gpi for their cross-border payments.
In a press release, Swift commented that with Swift gpi the cross-border payment transaction experience is greatly improved, with speed and transparency increasing. Swift gpi enables banks to conduct end-to-end tracking of the cross-border payment.
“Swift gpi is the new norm for cross-border payments, delivering on the expectations of both the banks and their customers,” said Juan Carlos Botrán, head of Swift Iberia. “We are very proud of the value that gpi delivers to the financial industry.
“We look forward to launching a series of new functionalities, including pre-validation and case resolution, and to announce the results of our proof-of-concept work linking SWIFT gpi to e-commerce and instant payments platforms. All of this will help us improve both the end client experience and processing efficiency even further.”
gpi gains traction
Swift reports that gpi has steadily gained traction and hundreds of thousands of cross-border payments amounting to more than $300 billion are sent each day using the new standard. Payments are made typically within minutes but can take seconds in some cases.
Last year more than $40 trillion was transferred over Swift gpi, with cross-border messages using gpi reaching 56%, a year-over-year increase of 270%.More than 3,500 banks, accounting for 85% of Swift’s total payments traffic, have committed to adopting gpi.
“Swift gpi represents a major improvement in the international payments experience, which has traditionally been difficult to keep track of,” said Miguel Prado, head of treasury at Spain’s electricity utility Endesa.
“The improvements to speed and traceability are significant, and, combined with the upcoming launch of the pre-validation service, deliver the required reliability and transparency to a process that was previously complex and lacking in transparency.”
Swift got a further boost this week as Societe Generale launched Swift gpi in nine new countries: Germany, Belgium, Spain, Italy, Netherlands, United Kingdom and Switzerland in Europe, and Hong Kong and Singapore in Asia. This followed earlier launches in France and Monaco.
SG joined the SWIFT gpi initiative in 2017. The solution covers payments issued and received by the bank in those 11 countries, denominated in euro or other global currencies. Corporate treasurers will soon have access to the gpi tracker through the SG Markets platform or via host-to-host reporting solutions.
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