Standard Chartered leverages SWIFT gpi to provide its customers with increased speed, transparency and predictability of payments
18 December 2017, Singapore – Standard Chartered today went live with its US Dollar (USD) SWIFT global payments innovation (gpi) services to extend its offering to customers making USD cross-border payments. With SWIFT gpi, customers stand to receive end-to-end confirmation of their payments over the entire transaction life cycle. This enables them to manage their cash better and offers benefits such as faster, same day use of funds with increased visibility over transaction statuses and costs.
Anurag Bajaj, Global Head of Correspondent Banking & Regional Head of Transaction Banking for the Americas, Standard Chartered, said “SWIFT gpi significantly increases our client value proposition for payments given the improved traceability, transparency and speed. As an established leader in global payments innovation Standard Chartered has been a founder member in SWIFT gpi which is fast becoming the gold standard for international payments.”
SWIFT gpi significantly increases our client value proposition for payments given the improved traceability, transparency and speed. As an established leader in global payments innovation Standard Chartered has been a founder member in SWIFT gpi which is fast becoming the gold standard for international payments.
“Standard Chartered has been a key contributor to the gpi initiative from the very start. Early this year, they were also one of the very first adopters in Asia when the gpi service went live. With USD being the prime currency used in cross-border payments, we are delighted to see that Standard Chartered has now also extended its gpi capabilities beyond the Asian market and are offering the gpi benefits to corporates and financial institutions in the US market”, said Wim Raymaekers, Head of Banking Markets and SWIFT gpi.
SWIFT gpi is an industry wide collaboration between SWIFT and leading banks in the world to drive innovation in cross-border payments. 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.
For further information, please contact:
Standard Chartered Bank
Tel: +65 6596 6001
We are a leading international banking group, with more than 80,000 employees and a 150-year history in some of the world’s most dynamic markets. We bank the people and companies driving investment, trade and the creation of wealth across Asia, Africa and the Middle East. Our heritage and values are expressed in our brand promise, Here for good.
Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges as well as the Bombay and National Stock Exchanges in India.
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.
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.