Today over 90% of cross-border payments sent via SWIFT gpi are processed end to end in less than 24 hours, and many in just seconds. The payments that take longer or are rejected, however, while much smaller in total volume, consume a significant amount of time and resources to correct.
Incorrect or missing information about the beneficiary bank provided when the payment is initiated is a main cause of such errors. SWIFT gpi payment pre-validation will help you avoid these at the start so that any issues can be flagged and corrected before the payment is sent.
How does it work?
A real-time API-based mechanism will enable sending banks to send and receive API calls over SWIFT to seamlessly check beneficiary account information with the ultimate receiving banks. This will allow banks to remedy any inaccurate or missing information instantly, reducing delays and costs.
Together with 14 major banks* from around the world, we will begin piloting the gpi pre-validation service in early 2019. Also in 2019, we will open the pilot to any gpi member bank that would like to take part, with the aim to launch the service in 2020.
Further, the gpi pre-validation programme will be expanded to provide up front transparency on fees, based on the exact routing of the payment message. This will give payment originators and beneficiaries complete transparency and predictability on costs, routes and the expected delivery time of their funds.
*The 14 banks taking part in the pilot are: Bank of America Merrill Lynch, Bank of China, Barclays, BBVA, BNP Paribas, Citi, Deutsche Bank, E.SUN Commercial Bank, ICBC, J.P. Morgan, National Australia Bank, Piraeus Bank, Societe Generale and Wells Fargo.
Learn more about the future of gpi
Watch a demo of the future Payment Validation service
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