Swift GPI will enable Piraeus Bank to increase the speed, transparency and traceability of cross-border payments for its customers
Piraeus Bank has reaffirmed its active role in the banking community by becoming the first bank in Greece to go live on Swift's Global Payments Innovation (gpi), responding to the demand for faster and more transparent cross-border payments.
This new, modern payments service is the largest change in cross-border payments over the last 30 years and is the new standard. Swift GPI dramatically improves the customer experience in cross-border payments by increasing their speed, transparency and offering end-to-end tracking.
The gpi Tracker gives real-time end-to-end visibility on the status of a payment transaction from when it is sent and until it is confirmed, with information about each bank in the payment chain. This, combined with the speed of gpi - 50% of payments are credited within 30 minutes, many in seconds - represents a significant innovation and represents a significant service improvement for customers.
We feel very enthusiastic about joining the Swift GPI community. We see this new service as a dynamic and persuasive answer to the upscaling demands of the industry of cross-border payments. Now, our customers are able to monitor the processing steps of their payments in a more easy and convenient way, making for an exceptional overall customer experience.
The global adoption of gpi has been exponential. With 280+ banks signed, representing more than 80% of Swift cross-border payments and 80+ banks live, sending 700.000+ gpi payments per day, Piraeus Bank offers this service by exchanging Swift GPI payments in more than 60 countries and in cooperation with over 180 world's largest financial institutions already signed up and more joining every day.
About Piraeus Bank
Headquartered in Athens, with approximately 12,400 employees, Piraeus Bank Group offers a full range of financial products and services to approximately 5.2mn customers in Greece. Total assets of the Group in Greece amounted to €55.8bn, net loans to €38.7bn and customer deposits to €41.9bn on June 30, 2018.
