Ameriabank, a leading universal bank offering corporate, investment and retail banking services, has become the first bank in Armenia to adopt the SWIFT global payments innovation (SWIFT gpi)
As a result of adopting gpi, Ameriabank’s customers will benefit from increased speed, transparency and traceability of their cross-border payments. SWIFT gpi dramatically improves the customer experience in cross-border payments by increasing their speed, transparency and end-to-end tracking. It is the most significant development in cross-border payments in the last 30 years. Hundreds of thousands of cross-border payments, totalling over $300bn, are sent every day using the new gpi standard. Payments are made quickly, typically within minutes, even seconds. SWIFT gpi drastically improves the customer experience, increasing speed, transparency and traceability, easing reconciliation and improving treasury forecasting and predictability. Thanks to SWIFT gpi, corporates can grow their international business, improve supplier relationships, and achieve greater treasury efficiencies. For banks, SWIFT gpi delivers cost savings thanks to quicker investigations handling and a significantly reduced number of payment enquiries. More than $40trn were transferred over SWIFT gpi in 2018 and rapid adoption saw the share of cross-border messages using gpi reach 56% by the end of the year, a year-on-year increase of 270%. More than 3,500 banks, accounting for 85% of SWIFT’s total payments traffic, have committed to adopting gpi, which has achieved the near total transformation of the cross-border payments landscape in just two years.
Artak Hanesyan, CEO of Ameriabank, commented “We are very happy to be a pioneer in the launching of SWIFT gpi in Armenia and provide our customers with unprecedented service. Ameriabank not only opens a gpi corridor in Armenia for their corporate and retail customers, but also can take up intermediary role for the whole region. Having a large geography of cross-border payments processed through correspondent chain, SWIFT gpi allows us and our customers to trace payments in real time. We appreciate the high value of SWIFT gpi service, thanks to which we can reduce the number of payment enquiries, optimize investigation management, as well as the bank’s liquidity management based on inward payments. Ameriabank trusts in the future development of new SWIFT gpi products, such as gCASE Resolution, Payment Pre-Validation, and their positive impact on further improvement of our customer service.”
Matthieu de Heering, Head of Central and Eastern Europe, said: “We are delighted that Ameriabank is now live on gpi. We were very impressed at how short the period was from sign-up to go-live – approximately four months – which demonstrates that gpi can be implemented quickly; the empowerment and focus of Ameriabank’s small project team really made a difference. Furthermore, banks of all sizes and levels of resources can benefit from gpi. I encourage other banks in Armenia and the wider region to sign up. The more banks engage with gpi, the stronger gpi becomes, which benefits the entire community.”