SWIFTgpi and Instant Payments over SWIFT
The financial industry is going through a number of profound transformations and a new payments landscape is emerging, shaped by various forces - changing customer behaviour, regulatory pressure, new technologies and industry trends such as instant payments, ISO 20022 adoption and cost pressures.
Live since January 2017, SWIFT gpi brings speed, transparency and end-to-end traceability to cross-border payments. With more than 16 million gpi payments already sent over SWIFT’s network and corporate treasurers actively reaping the benefits of this enhanced experience, SWIFT gpi is the new standard in cross-border payments. In addition to giving you and your customers the full benefits of end-to-end track & trace on all your payments, gpi will significantly contribute to your investigations handling and enable you to instantly stop and recall a payment due to fraud or human error.
With the implementation of SWIFT’s Standards Release 2018, you will be required to generate and include a unique end-to-end transaction reference number (UETR) in all key SWIFT payment messages sent. In addition you will have to pass on all UETRs received to the next party in the chain. By joining gpi now, you will be able to leverage the work needed for SR2018 and make the most out of mandatory implementation effort.
As instant payments become a reality around the globe, and in Europe in particular, several domestic and regional instant payments systems are being designed, developed, and going live. We will share with you the latest evolutions in the European instant payments landscape and explain how SWIFT can make your instant payments journey smoother and more cost effective.
To learn more, the SWIFT team invites you to join a special gpi and Instant Payments over SWIFT session on 23.05.2018 from 10.00 to 15.00 at the Regus “Le Palais”, Herrengasse 1-3, A-1010 Vienna, Austria (Reception and event location 2nd floor).
Following the gpi session in the morning we will walk you through the evolution of the payments landscape in Europe and will show you how fast youn can deploy Instant Payments over SWIFT, re-using a large extent of your infrastructure.
We look forward seeing you in Vienna on 23 May!
Matthieu de Heering
Head of Central and Eastern Europe, SWIFT
Head of Germany and Austria, SWIFT