Through SWIFT gpi, Bradesco will increase the speed, transparency and traceability of cross-border payments
Miami, Fl, 5 June 2018 – SWIFT announces that Banco Bradesco, one of the largest banks in Brazil, has joined SWIFT’s global payment innovation (gpi) service to enhance its customer experience, and increase the speed, transparency and traceability of cross-border payments.
As a truly global, fast, secure and transparent cross-border service, SWIFT gpi is delivering real and tangible change, and the increase in its use is testament to the huge benefits it delivers to end customers.
Banco Bradesco, said: "We are proud to announce that Bradesco is the first Brazilian bank to adopt SWIFT gpi. By joining the initiative, we hope to increase our competitiveness and efficiency in cross-border payments service. SWIFT gpi continues to gain significant traction among financial institutions all over the world, allowing us to innovate our services and offer greater benefits to our clients."
The rapid widespread adoption and use of SWIFT gpi has been driven by demand for a faster, more transparent cross-border payments service. Already, nearly 50% of gpi payments are completed and credited to end beneficiaries’ accounts in less than 30 minutes, many within seconds. With more than $100bn a day now flowing securely over gpi, it is rapidly becoming the new cross-border standard, helping to generate up to 50% reduction in enquiry costs.
"We thank Banco Bradesco, one of the largest banking organizations in Latin America, for having placed their trust in SWIFT gpi. More and more financial entities are joining this solution, which allows us to expand coverage in institutions, markets and geographies. Through SWIFT gpi, we are substantially improving the speed and transparency of payments, helping clients achieve greater efficiency, reducing operating costs, decreasing time spent on investigations, and providing predictability and confirmation of international payments," said Juan Martínez, Managing Director, Latin America and the Caribbean, SWIFT.
Since its launch in 2017, SWIFT gpi has experienced rapid and extensive adoption. More than 165 banks, representing 80% of SWIFT’s cross-border payments traffic, and including 49 of the world’s s top 50 banks, have signed up to the service. To date, 50 million gpi payments have been processed, with hundreds of thousands of payments sent daily across 350 country corridors, in more than 100 currencies.
The SWIFT global payments innovation (SWIFT gpi) 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 end-to-end tracking. Hundreds of thousands of cross-border payments are today being sent using the new gpi standard, and payments are made quickly, typically within minutes, even seconds.
SWIFT gpi allows corporates to receive an enhanced payments service, with the following key features:
- Faster, same day use of funds within the time zone of the receiving gpi member
- Transparency of fees
- End-to-end payments tracking
- Remittance information transferred unaltered
As an initiative, SWIFT gpi engages the global banking industry and fintech communities to innovate in the area of cross-border payments while reducing their back-office costs. Since its launch in January 2017, gpi has dramatically improved the cross-border payments experience for corporates in over 220 country corridors. Key features of the gpi service include enhanced business rules and a secure tracking database in the cloud accessible via APIs. Thanks to SWIFT gpi, corporates can grow their international business, improve supplier relationships, and achieve greater treasury efficiencies. Overall, nearly 50% of SWIFT gpi payments are credited to end beneficiaries within 30 minutes, and almost 100% of payments within 24 hours. Those that take longer typically involve more complex foreign exchange conversions, compliance checks or regulatory authorisations.
In addition to the 165 financial institutions that have adopted gpi, more than 50 payment market infrastructures are already exchanging gpi payments, enabling domestic exchange and tracking. Payment market infrastructures have a critical role to play in facilitating the end-to-end tracking of cross-border payments because as soon as cross-border payments hit the destination country, they are typically cleared through local payment infrastructures.
SWIFT is a global member owned cooperative and the world’s leading provider of secure financial messaging services. We provide our community with a platform for messaging and standards for communicating, and we offer products and services to facilitate access and integration, identification, analysis and regulatory compliance.
Our messaging platform, products and services connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories. While SWIFT does not hold funds or manage accounts on behalf of customers, we enable our global community of users to communicate securely, exchanging standardised financial messages in a reliable way, thereby supporting global and local financial flows, as well as trade and commerce all around the world.
As their trusted provider, we relentlessly pursue operational excellence; we support our community in addressing cyber threats; and we continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies. Our products and services support our community’s access and integration, business intelligence, reference data and financial crime compliance needs. SWIFT also brings the financial community together – at global, regional and local levels – to shape market practice, define standards and debate issues of mutual interest or concern. SWIFT’s strategic five-year plan, SWIFT2020, challenges SWIFT to continue investing in the security, reliability and growth of its core messaging platform, while making additional investments in existing services and delivering new and innovative solutions.
Headquartered in Belgium, SWIFT’s international governance and oversight reinforces the neutral, global character of its cooperative structure. SWIFT’s global office network ensures an active presence in all the major financial centres.