Ebury has become the first fintech to go live with Swift's global payments innovation (GPI).
This is an important milestone for SWIFT gpi, as smaller fintech company join the initiatives as well as its traditional bank and corporates members. GPI enables the company’s end-clients to monitor and track their payments globally in real-time, providing a greater level of visibility, including information about the banks involved in the payment chain and any fees deducted.
According to Ebury's, Mark Hewlett, the company's use of Swift GPI will speed up payment confirmations to beneficiaries. And Swift's Harry Newman commented that Swift is now seeing its GPI initiative being recognised by fintechs as well as by the global banks and corporates who are already using it. He added: “Ebury was early to spot the enormous advantages that gpi can bring to customers and have acted fast in completing testing and going live.”
To date, over 200 financial institutions around the world are signed up to SWIFT gpi, with over USD 100 billion in SWIFT gpi payments being sent daily across 500+ international payment corridors – representing over a third of all SWIFT payments. Swift expects GPI tol be the standard for all cross-border payments by the end of 2020.
Ebury, founded in 2009 and headquartered in London, provides cross-border payments in over 140 currencies, as well as risk management and lending solutions to a wide range of international organisations, including NGOs, SMEs and large corporates.
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