SWIFT gpi enables Oschadbank to offer a fast, transparent and trackable international payments service to its clients
Oschadbank, the top state-owned bank in Ukraine, has become the first financial institution in Ukraine to go live on SWIFT gpi.
The bank has implemented gpi to deliver significant improvements in the cross-border payments service offered to its end-clients. The service delivers speed, transparency, and the possibility to track inter-bank & customer payments in real-time. Nearly half of gpi payments are credited within 30 minutes, many within seconds – and almost 100% within 24 hours.
The global adoption of gpi is exponential, with more 180 financial institutions around the world already signed up and more joining every day. Over USD 100 billion in SWIFT gpi payments are being sent daily across 450+ international payment corridors. Today, already 79% of Oschadbank’s correspondents are already gpi banks and 73% of all cross-border payments sent by the bank are going to gpi counterparts. 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.
“Oschadbank continuously implements innovative solutions and applies best market practices. The bank has joined gpi and today is the first and only one in Ukraine live on SWIFT gpi and offering the full benefits of the service to its customers. Gpi is the new norm and thus the new level of customer service in that space. We most value the speed of execution, the transparency, and the traceability of cross-border payments that gpi offers,” said Andrey Pyshnyj, Chairman of the Board, Oschadbank.
Gpi is the new norm and thus the new level of customer service in that space. We most value the speed of execution, the transparency, and the traceability of cross-border payments that gpi offers.
“We are delighted to see Oschadbank become the first bank in Ukraine live on SWIFT gpi, offering its customers a best-in-class, highly efficient, transparent and trackable cross-border payments service. It has been a pleasure to work with the Oschadbank team on this project. Their high levels of motivation and organisation enabled them to complete the project from start to finish in only 4 months and set a great example for other banks in the region,” said Ilona Pouna, Senior Account Director, CEE, SWIFT.
For more information, visit www.swift.com/gpi.