Core payment application vendors support Swift GPI
This press release is also available in Spanish
Brussels, 12 September 2017 – Swift announces today the launch of an approved certification programme for vendors that support Swift GPI in their payment applications.
This certification programme will ensure that gpi capabilities are inherently available in these applications, thereby reducing both time and cost for the banks when they go live with gpi. The programme builds on the successful implementation by several key vendors at 20 global banks that are exchanging tens of thousands cross-border payments every day using gpi, providing their customers with an enhanced payments experience.
“One of the reasons Swift GPI is successful is because the gpi rules and standards are integrated in banks’ core back-office payment applications,” says Wim Raymaekers, Head of Banking Markets and Swift GPI at Swift. “Vendors are essential to this process, and we welcome more vendors to join this certification programme. For vendors, this certification label will promote their gpi capability to the global banking community. For banks, this means they can go live with gpi even more easily. And for corporates, they will get an even better payments experience. With this approach, everybody wins.”
Vendors are essential to this process, and we welcome more vendors to join this certification programme. For vendors, this certification label will promote their gpi capability to the global banking community. For banks, this means they can go live with gpi even more easily. And for corporates, they will get an even better payments experience. With this approach, everybody wins.
Swift GPI enables banks to offer a fast, transparent and traceable cross-border payments service. The innovative gpi Tracker allows banks to provide corporate treasurers with an end-to-end view on the status of their payments in real-time, including confirmation when payments have been credited to beneficiaries’ accounts. Treasurers also now have certainty that remittance information, such as invoice references, are transferred unaltered to the beneficiary.
The global payment application vendor community has voiced its excitement about Swift GPI, as bringing ‘real world innovation’ to cross-border payments.
WA Proctor, Vice President, ACI worldwide shared how gpi meets customer needs: “Swift GPI is a value-added service that lowers support costs and improves customer experience and channel efficiency, which is why we have been an early provider of the functionality. ACI Money Transfer System’s (MTS) gpi solution is configured to be fully integrated with the bank’s applications and workflows, allowing quick rollout – so our customers can experience the benefits of gpi from day one.”
Robin Crewe, CTO, Lending & Transaction Banking, Finastra also emphasised the importance of gpi and the need for a gpi certification label:
“From enabling same day payments to increasing transparency, Finastra is committed to improving the payments experience for banks and corporates around the world. We are proud to work with Swift on gpi to improve cross-border payments, and to be able to provide clients of our global payments solution with access to fast, transparent, and traceable payments made around the world. Through Swift’s rigorous certification process for vendors, banks and corporates can be confident that Finastra fully supports gpi payments and their capabilities.”
Another key vendor, Cheryl Gurz, Director of CGI’s Global Payments Solutions Group commented:
“CGI continues its fundamental contributions to the global payments industry by integrating Swift GPI functionality into our BESS and ALL Payments products, enabling our bank clients to deliver value to their customers by improving the speed and transparency of cross-border payments. The global payments community continues to evolve and CGI is committed to supporting the Swift GPI roadmap through future innovation and participation in the Swift GPI certification program”.
Notes to editors
The criteria for vendors to have their payment application gpi certified and obtain the Swift Certified Application label for Swift GPI include:
- Generation and processing of gpi-enabled payment instructions, in accordance with the gpi Customer Credit Transfer rulebook;
- Support information exchange with the gpi Tracker and gpi Directory;
- Provide support for the Swift payments standards, including the gpi unique end-to-end transaction reference;
- Commit to supporting the gpi strategic roadmap, enabling future gpi payment services and functionalities.
Vendors interested in obtaining the Swift Certified Application label for Swift GPI, can contact anyal.hozee@swift.com
For more information, visit: www.swift.com/our-solutions/global-financial-messaging/payments-cash-management/swift-gpi/vendors
About Swift
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.
For more information, visit www.swift.com or follow us on Twitter: @swiftcommunity and LinkedIn: Swift.
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