Delivering the future of cross-border payments, today
SWIFT gpi offers a value-added, shared suite of features:
End-to-end payments tracking
In today’s world, customers expect greater transparency. When they send a payment, they want to know what is happening with it and when it has been received. Until now, this has not been the case in cross-border payments as each bank has only been able to guarantee and share information on its own leg of the payment.
Now SWIFT gpi enables banks to provide end-to-end payments tracking. SWIFT has developed a Tracker database ‘in the cloud’ securely hosted at SWIFT, to give end-to-end visibility on the status of a payment transaction from the moment it is sent until it is confirmed.
SWIFT gpi banks are able to log in to the Tracker to instantly check the status of the payments they have sent, those in progress and those that have been received. They can even improve their liquidity management by having visibility on initiated payments that are already on their way.
The Tracker can be updated by FIN message or via API. It can be accessed via a graphic user interface (GUI) and also via API calls to allow the service to be embedded in other back-office systems.
A global view of banks’ adherence to the SLA
In order to enhance cross-border payments, SWIFT has created a new service level agreement (SLA) rulebook. This provides the opportunity for enhanced business practices and smart collaboration between participating banks. To monitor adherence to this new SLA for all members, SWIFT has created a central service called the Observer.
All gpi banks will have a global view of other gpi banks’ adherence to the gpi SLAs. This will enable gpi banks to quickly pinpoint potential areas for improvement and work collaboratively towards a better implementation of the SLA.
A complete list of all gpi members
Every member bank is automatically listed in the gpi Directory. This includes details such as: which banks can send and receive gpi payments by business identifier code (BIC); in which currencies; reachable through which channels; cut-off times; and if a bank acts as an intermediary for gpi payments.
This Directory benefits all banks involved by enabling comprehensive end-to-end path finding for gpi payments. It is available in a wide variety of formats and accessible via automated delivery channels.