SWIFT has announced the launch of a resource for banks using its GPI service to gain “more comprehensive business insights into their GPI traffic flows”. The Observer Analytics tool provides market and competitive analysis, giving financial institutions access to reliable and fact-based information to understand the current itinerary and speed of their payment instructions.

According to SWIFT, this will allow them to optimise payment routings and steer their cross-border payment strategies. In its statement the organisation added: “In addition, it will enable financial institutions to fine-tune service level agreements with their correspondent banks, leading to lower costs and faster payments and, ultimately, an improved customer value proposition.”

It also said that, by benchmarking and monitoring GPI payments at country, country corridor, and currency level, financial institutions will be able to see their activity shares, view GPI market practices and identify new business opportunities. They will also be able to use the tool to spot any outliers in their cross-border payment flows.

Insight into cross-border payments

The tool was launched following a successful pilot with 17 banks, including National Australia Bank. The bank's senior manager for customer products and services, Graham Standfield, said: “The new SWIFT GPI Observer Analytics tool provides valuable insights into our cross-border GPI payment flows and market share. This data will allow National Australia Bank to enhance the international payments experience for our customers through improved payment delivery management with our banking partners.”

And Swift's head of banking, Harry Newman, said: “Banks want to have much more information to help them better direct their payment messages. GPI Observer Analytics is designed to give GPI members deeper business insights into their GPI payment flows giving them routing intelligence and allowing them to benchmark against the wider GPI community.”