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Spain embraces gpi for cross-border payments

Spain embraces gpi for cross-border payments

21 March 2019 | 1 min read

- Six Spanish banks, accounting for 85% of Spanish cross-border payments, are already live on the service and passing the benefits of gpi on to their customers - Swift GPI offers a fast cross-border payments service, with real-time tracking, traceability and transparency on fees, charges and interest rates

Madrid, 21 March 2019 - Six Spanish banks, accounting for 85% of Spain’s cross-border payments, have adopted the Swift global payments innovation (Swift GPI), the new standard for cross-border payments. Swift GPI dramatically improves the customer experience in cross-border payments by increasing their speed, transparency and end-to-end tracking.

Banco Sabadell, Banco Santander, Bankinter, BBVA, Caixabank and Grupo Cooperativo Cajamar, are all live on the service and are actively using Swift GPI for their cross-border payments.

Swift GPI is the most significant development in cross-border payments in the last 30 years. Hundreds of thousands of cross-border payments, totalling over $300bn, are sent every day using the new gpi standard. Payments are made quickly, typically within minutes, even seconds. Swift GPI drastically improves the customer experience, increasing speed, transparency and traceability, easing reconciliation and improving treasury forecasting and predictability.

Read the full press release