SWIFT gpi will enable Bank Hapoalim to provide all customers with increased speed, transparency and traceability of cross-border payments
Bank Hapoalim, the leading bank in Israel, has signed up for SWIFT's Global Payments Innovation (gpi), making it the first Israeli bank to provide its clients with faster and more transparent cross-border payments.
SWIFT gpi is radically transforming correspondent banking. Its widespread adoption has been driven by demand for a faster, more transparent cross-border payments service. The deployment of gpi will allow banks to significantly improve the entire process of cross-border payments by decreasing time of transfer, providing real time end-to-end tracking status and offering transparency regarding the each bank in the transaction chain and any fees that have been deducted.
Bank Hapoalim is committed to delivering best in class services to all its clients, providing them with the ability to monitor and manage their finances in an informed and knowledgeable way. By using SWIFT gpi for cross-border payments, the bank can now provide an agile and seamless experience for all transactions.
With the support of hundreds of financial institutions, including the world’s 60 biggest banks, SWIFT gpi is now being used to send hundreds of billions in payments every day – more than half (55%) of SWIFT’s cross-border traffic. 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.