Indonesia joins the world’s largest cross-border payments initiative
Jakarta, 12 March 2018 - SWIFT announces today that Bank Negara Indonesia, Bank Rakyat Indonesia and Bank Sinarmas signed up for its global payments innovation initiative, SWIFT gpi. The banks join more than 145 banks globally that are already committed to the largest change initiative that the world of cross-border payments has seen in the last 30 years.
The new standard for cross-border payments, SWIFT gpi brings a new world to corporate treasurers by bringing together real-time payments tracking, transparency of fees and same-day settlement. Over 9 million messages have already been exchanged by over 35 banks that are live on the service, most of them being settled within hours and even minutes. With these three banks, Indonesia, the largest economy of the ASEAN region joins other large economies such as Thailand and Singapore that are already live on the service.
Henry Panjaitan, General Manager of International Division, Bank Negara Indonesia (Persero) Tbk said: “It is our commitment to provide our customers a better experience in cross border payment. Faster, transparent information & fees, traceable and full remittance data are the advantages of SWIFT gpi that BNI will share to our customers to increase our service level. This is in line with our aim to become a leading digital bank that always provides convenience to our customers in conducting all banking transactions.”
Hexana Tri Sasongko, SEVP Treasury & Global Services, PT Bank Rakyat Indonesia (Persero) Tbk said: “We strongly believe that technological advance may co-exist with BRI business development, thus, the technological innovation will always have a place within our system. By implementing SWIFT gpi we are confident to provide our customers with the newest payment experience. It will enhance BRI values for our customers as well as our stakeholders in providing full banking services.”
Frenky Tirtowijoyo, President Director of Bank Sinarmas commented: “this global payments innovation initiative is in line with our bank’s objective, which is to become a payment and transaction bank by providing digital financial solutions to all our customers. Through SWIFT gpi, Bank Sinarmas continues to deliver the best service experience to all customers allowing them to conduct cross-border payments on a real-time, reliable and transparant manner.”
Sharon Toh, Head of ASEAN Region, SWIFT said: “By being the first banks in Indonesia to join SWIFT gpi, Bank Negara Indonesia, Bank Rakyat Indonesia and Bank Sinarmas confirm their commitment to support the evolving needs of their clients. Indonesia is the largest ASEAN economy and Indonesia-Singapore is the largest cross-border payments corridor in the ASEAN region. We foresee SWIFT gpi will strongly support the growth of Indonesian corporates and bring them further efficiencies as their payments get processed in minutes rather than days”.
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, standards for communicating and we offer products and services to facilitate access and integration; identification, analysis and financial crime 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, enabling them to communicate securely and exchange standardised financial messages in a reliable way. As their trusted provider, we facilitate global and local financial flows, support trade and commerce all around the world; we relentlessly pursue operational excellence and continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies. 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.