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What to do if you’re already a Swift GPI customer

Universal Confirmations brings the benefits of end-to-end tracking to all cross-border payments sent on Swift. For gpi customers, this brings added value as all your payments, regardless of whether they’re sent as gpi or not, will now be fully trackable to the end beneficiary

How will Swift GPI customers be impacted by Universal Confirmations?

The requirement to update the Swift Tracker will be for all MTs 103 received on FIN that do not immediately result in another MT 103 on FIN. The gpi rules and their related benefits apply in addition for payment messages sent with field 111 Service Type Identifier in the header and for received payments according to your gpi Directory scope for your BICs registered for Swift GPI. 

Otherwise, for all incoming transactions, across all currencies, corridors, subsidiaries and branches, you’ll need to update the Tracker within two business days as per Universal Confirmations rules, including:

  • If a payment has been credited to the end beneficiary
  • The payment has been rejected
  • The payment has been transferred to an agent outside of FIN

Download the Universal Confirmations rulebook

Will gpi customers be forced to register all their BICs for gpi?

No, you can keep the split to register some but not all of your BICs on gpi.

As gpi customers, are we going to receive confirmation from the Tracker automatically on behalf of a non-gpi institution?

When a gpi-enabled MT 103 (field 111) is sent over FIN by a gpi customer, the Tracker will automatically generate confirmations and distribute it to the relevant gpi customers per status update. This will also occur when the Tracker receives the confirmation from a non-gpi bank when there were gpi customers involved in previous legs of the transaction. Those confirmations will have the same format as gpi confirmation (incl STI=001). gpi customers must however be ready to receive confirmations with less data elements when provided by non-gpi banks, for example, providing details on deducts in payment confirmations are not mandatory for non-gpi banks.

I still have questions, how can I find out more?

  • If you have a technical question, you can raise a ticket with our support team through your MySwift profile, or contact your Swift Account Manager.
  • Check out our comprehensive FAQ document (requires MySwift profile)
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