The digital transformation of cross-border payments

In a world of interconnected global commerce, paying for goods and services across borders has become standard practice. For businesses, it is key that international trade be as frictionless as possible. 

That’s why corporates are insisting their banks provide a faster, simpler, and more transparent cross-border payments experience, making them as seamless as domestic payments. 

Through SWIFT gpi, banks and financial institutions are now able to deliver this.

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Fast

SWIFT gpi lets you make high-speed cross-border payments in minutes or seconds. 

Nearly 50% of gpi payments are credited to end beneficiaries within 30 minutes, 40% in under 5 minutes, and almost 100% of gpi payments are credited within 24 hours.

This brings immediate benefits to global trade – corporates can take advantage of easier cash flow management and more predictable budgeting, spending, and investing. 

Trackable

We are used to tracking everything from a parcel to a pizza in real time, so why not a payment?

Bank customers want to know when a payment is sent, where it is, and when it reaches the end recipient. 

With gpi, banks can track their payment flows end-to-end and in real time.

This provides maximum visibility on ongoing cross-border transactions. And when problems occur or customers have a question, banks can intervene faster to resolve any issues or enquires in a timely and efficient way. 

Transparent

Transparency on fees and processing times is a vital requirement for any business that relies on making or receiving international payments. A lack of visibility on costs leads to uncertainty for corporates making payments and time spent trying to reconcile unclear debits.

Through gpi, banks can provide their customers with full visibility on processing fees, exchange rate costs and processing times, meaning all parties can manage their finances and relationships accordingly – and make better decisions faster.

Complete

Data integrity is central to meeting customer needs in international payments. Without reliable and consistent remittance data, it can be difficult to keep track of payments or reconcile invoices and final settlement can be delayed.

With SWIFT gpi, the remittance data that corporates send with their payments is guaranteed to be unaltered when it arrives with the end beneficiary. Beneficiaries can then easily reconcile gpi payments against invoices, speeding up their supply cycles. 

Secure

Sending international payments presents various challenges, including variations in national banking rules and systems, import and export restrictions, foreign exchange controls, and regulatory compliance.

Swift’s compliance and security controls mean your payments business can stand up to the rapidly evolving nature of digital threats and regulatory reforms, whilst maintaining the high level of speed that customers have come to expect.

 Adapted to your market segment