The SWIFT gpi customer credit transfer

Changing the world to make cross-border payments faster, transparent and traceable

Making cross-border payments faster, transparent and traceable

Banks around the world are working with SWIFT to enhance the cross-border payments experience for corporates.

The gpi customer credit transfer service – the first SLA under the SWIFT global payments innovation (gpi) initiative - focuses on responding to corporate customer needs for faster, more predictable cross-border payments, with better traceability and transparency. 

The core of the new service consists of a multilateral service level agreement endorsed by participating banks, committing to improve customer service standards when handling cross-border payments. The gpi customer credit service will deliver:

  • Faster - start with same day value *

  • Transparency on fees

  • End-to-end payments tracking

  • Remittance information transfered unaltered

(*) within the time zone of the receiving gpi member.

The open, accessible model means that any SWIFT-connected bank can sign up to the service level agreement and participate in the initiative.

Currently, more than 80 banks across 220 countries are signed up, representing close to 71% of cross-border payment volumes over SWIFT. A pilot project will deliver early results at Sibos 2016. Live operations are due to begin in 2017.

Same day transfer of funds

To achieve best practice in cash management and forecasting, today’s international companies expect same day transfer of funds worldwide. Join the gpi customer credit transfer service to make this a reality for your customers’ cross-border payments

Transparent fees

In today’s competitive environment, companies expect upfront, transparent and comprehensive information on bank fees

End-to-end payments tracking

To maintain healthy supplier relationships and manage working capital efficiently, companies expect transparency of payments progress and delivery, especially in a complex, globalised trading environment

Be part of the SWIFT gpi initiative

Any supervised financial institution that is a member of SWIFT and meets the SLA can join the initiative