Standard Chartered goes live in Germany with SWIFT gpi
An addition to its gpi service that went live in the United States and Singapore in 2017
10 October 2018, Singapore – Standard Chartered went live with the SWIFT Global Payments Innovation (gpi) service to extend its offering to customers making cross-border payments in euro or other major currencies from its Germany booking centre. This is in addition to its gpi service that went live in the United States and Singapore in 2017. With SWIFT gpi, customers stand to receive end-to-end confirmation and fee transparency of their payments over the entire transaction life cycle. This enables them to manage their working capital better and offers benefits such as faster, same day use of funds with increased visibility over transaction statuses and costs.
Francesco Miccoli, Managing Director & Global Head – Correspondent Banking Sales and Regional Head – Correspondent Banking Europe said, “Innovation, business sustainability and clients are at the heart of Standard Chartered’s mission. SWIFT gpi matches Standard Chartered’s aspirations to re-shape the cross-border payments industry and standards to effectively meet clients’ need for efficiency and transparency in payments. We are now SWIFT gpi ready in Singapore, the US and Germany and will be looking to explore new correspondent banking frontiers for our clients.”
Euro is the second most important currency for cross border payments for Standard Chartered and investment in gpi capabilities are in line with the bank’s startegy in Germany as the european clearing hub.
“Standard Chartered is a founder member of SWIFT gpi and active collaborator in the SWIFT gpi Vision group. The bank works closely with us to drive the commercialisation of SWIFT gpi in its Asian, African and Middle Eastern markets. The bank is also deeply engaged in the next development stages and market advocacy for SWIFT gpi including real-time gpi payments,” said Wim Raymaekers, Head of Banking Markets and SWIFT gpi at SWIFT.
SWIFT gpi is an industry wide collaboration with leading banks around the world to change the cross-border payments experience. In the past, customers have struggled to track cross-border payments as the traditional correspondent banking rails had limited tracking capabilities, lacked transparency and could require two to three days before funds were credited on the beneficiary’s account. SWIFT gpi dramatically improves 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 within minutes, even seconds.
For more information, please contact:
Standard Chartered Bank
Tel: +65 6596 6001
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.
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Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges as well as the Bombay and National Stock Exchanges in India.
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