SWIFT gpi (global payments innovation)

With SWIFT‘s "global payments innovation" – briefly SWIFT gpi – increased transparency and same-day use of funds have become the new standard for international payments.

Benefits

  • Same-day execution of payments in EUR & USD
  • Same-day use of funds 
  • Payment Tracking: active information after receipt and transmission of gpi transactions and therefore simplified, transparent payment tracking during investigation handling 
  • Increased transparency of fees 
  • Data quality: Unaltered remittance information protects you from loss of information by third parties

All outgoing international payments in EUR and USD are verified whether the beneficiary bank supports the gpi standard and the shortest and most efficient way of execution is selected. When all criteria for SWIFT gpi are fulfilled, the payment will be booked real-time as gCCT (gpi Customer Credit Transfer) with same day value. Otherwise, it is executed as standard international payment. All involved gpi-enabled correspondent banks forward the unique end-to-end transaction reference number (UETR) and send an update of the payment’s status to the SWFT tracker (only accessible to banks for the time being).
All incoming gpi payments in EUR and USD will immediately be credited to the corporate customer’s account.
Currency conversions can also be sent/received as SWIFT gpi payment, however, the value date is D+2.
Optionally, an email notification can be provided for incoming as well as outgoing gpi payments.