SWIFT GPI-international payments are faster!
Currently, 570 banks around the world use this system.
Advantages of the SWIFT GPI system:
- Tracking international payments through the system;
- Ability to speed up processes in the payment chain;
- Time savings; transparency in terms of time and money spent on the payment process in the payment chain;
- Forecasting the circulation of money during the transfer of large funds and faster reporting in terms of optimizing liquidity management.
What are the key differences between GPI technology and the classic system?
Before the invention of SWIFT GPI technology, each Bank participating in the chain of cross-border transfers received payment information only when the transaction was on its side, without knowing the overall picture of the chain and the details of payment processing. SWIFT GPI fundamentally changes the payment processing model and allows SWIFT GPI member banks to get complete information about the entire chain, providing real-time payment tracking. This means that the Bank sending the transaction knows in advance how the payment will be processed by GPI banks.
SWIFT GPI is the standardization of Bank payment processing procedures at the global level. Access to open data, transparency, rapid response, and flexible process management are the undisputed advantages of SWIFT GPI.
