SWIFT gpi will enable Bank of Cyprus to increase the speed, transparency and traceability of cross-border payments for its customers
Bank of Cyprus, the largest banking and financial services group in Cyprus, has become the first bank in the country to sign up for SWIFT’s global payments innovation (gpi) service.
With SWIFT gpi, Bank of Cyprus 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.
Reacting to the rapid technological advancements unfolding in recent years, Bank of Cyprus has set as its priority the implementation of digital products and applications. The adoption of SWIFT gpi is part of this framework. Our goal is to increase Cypriots' engagement with online services by offering them fast and practical solutions.
“We are delighted to welcome Bank of Cyprus to the SWIFT gpi community and see it lead by example in its home market. 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 Bank of Cyprus as they move towards implementation and encourage all other Cypriot banks to join SWIFT gpi,” said Erika Toso, Head of South East Europe, SWIFT.
Since its launch in 2017, SWIFT gpi has seen a rapid take up, with over 300 banks and other payment providers globally now signed up, including 49 of the top 50 banks on SWIFT. Today, gpi payments account for nearly 50% of the cross-border payments traffic on SWIFT, and this is set to keep rising as more and more banks join. 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.