SWIFT gpi will enable ICCREA Banca to increase the speed, transparency and traceability of cross-border payments for its customers
ICCREA, the third largest bank in Italy, has signed up for SWIFT’s global payments innovation (gpi) service. ICCREA joins Unicredit and IntesaSanpaolo as the third bank in Italy to become a SWIFT gpi member bank.
With SWIFT gpi, ICCREA will be able to offer its customers a rapid cross-border payments service – with real-time payments tracking and transparency on bank fees and foreign exchange rates.
The widespread adoption of SWIFT gpi has been driven by demand for a faster, more transparent cross-border payments service. Nearly half of gpi payments are credited within 30 minutes, many within seconds – and almost 100% within 24 hours. The service also enables end-clients to track the status of their payments from end-to-end, and provides an unprecedented level of visibility into each payment – including information about each bank in the payment chain and any fees that have been deducted.
"With the signing of the agreement with SWIFT for the Global Payments Innovation service, ICCREA Group is able to offer to the Cooperative Credit Banks, and their institutional, retail and corporate customers, an innovative tool capable of not only monitoring cross-border payments along the 'end-to-end' path, but also of drastically reducing transaction times similar to those offered by the main European banks", commented Leonardo Rubattu, DG of ICCREA Banca, "With this new service, the future ICCREA Cooperative Banking Group, which comprises 142 BCCs, 2,647 branches with €147.8 billion in assets, will now have yet another tool to serve its 4.2 million BCC customers”.
“We are delighted to welcome ICCREA to the SWIFT gpi community. SWIFT gpi is the most transformational change in cross-border payments in 30 years and is fast becoming the new industry norm. We look forward to working with ICCREA as they move towards implementation and get ready to pass the benefits of gpi on to their customers.” said Erika Toso, Head of SWIFT Italy.
Since the launch of SWIFT gpi in 2017, more than 250 financial institutions around the world have signed up to SWIFT gpi, with over USD 100 billion in SWIFT gpi payments being sent daily across 600+ country corridors. Following the SWIFT community’s recent endorsement of global gpi adoption, SWIFT gpi will be the standard for all cross-border payments by the end of 2020.
We look forward to working with ICCREA as they move towards implementation and get ready to pass the benefits of gpi on to their customers.