Financial Technology Current Affairs

GPI Tracker system: SWIFT broadens payment tracking capabilities

The SWIFT (Society for World Interbank Financial Telecommunication System) platform has expanded its GPI (Global Payment Innovation) Tracker system to help banks track their global transactions at all times and keep full vigil on payments activity.

Key Facts

From November 2018, GPI Tracker system i.e. unique end-to-end transaction reference will be included in all payment instructions carried between all 11,000 customers on SWIFT at all times, across more than 200 countries and territories. The expansion of GPI Tracker will cover all payment instructions sent across the network and give them full visibility over all their payments activity. It will significantly extend transparency and  drive more banks to join service to make GPI the new normal in cross-border payments


SWFIT GPI was launched in May 2017 to help banks to track their global transactions at all times, keeping full vigil on payments activity. It covers all payment instructions sent across network, enabling GPI banks to track all their SWIFT payment instructions at all times, and giving them full visibility over all their payments activity. It accounts for 10% of cross border payment traffic on SWIFT network and has enabled more than hundred billion dollars to be transferred across world rapidly and securely every day.


  • It improves customer experience by increasing speed, transparency and automatically provides status updates to all GPI banks involved in any GPI payment chain. It allows banks to confirm when payment has been completed.
  • It facilitates more accurate reconciliation of payments and invoices, optimises liquidity with improved cash forecasts and reduces exposure to Foreign exchange risk, with same-day processing of funds in beneficiaries’ time zones.

SWIFT (Society for World Interbank Financial Telecommunication System) platform

SWIFT is global financial messaging service that enables financial institutions worldwide to send and receive information about financial transactions in secure, standardized and reliable environment. It is used to transmit messages relating to cross border financial transactions.

It was founded in 1973 and is headquartered in La Hulpe, Belgium. It is a cooperative society under Belgian law owned by its member financial institutions with offices around the world. Globally over 11,000 financial institutions in more than 200 countries use services of SWIFT.

SWIFT does not facilitate funds transfer, rather, it sends payment orders, that must be settled by correspondent accounts that institutions have with each other. On receiving this message through SWIFT, banks abroad, mostly branches of domestic banks abroad provide funds to the company.


Government sets up Subhash Chandra Garg Committee to regulate fintech sector

The Union Government has set up 8 member steering committee look into the development and regulation of the financial technology (fintech) sector in India. It will be headed by Economic Affairs Secretary Subhash Garg. The move follows an announcement by Finance Minister Arun Jaitley in the Budget.

Members: Electronics and Information Technology Secretary, Financial Services Secretary, MSME Secretary, Chairperson of Central Board of Excise and Customs, Deputy Governor of Reserve Bank of India, Chief Executive Officer of Unique Identification Authority of India (UIDAI) and Joint Secretary Department of Economic Affairs.

Terms of References

Committee’s objective is to consider various issues relating to development of fintech sector in India. It will look into issues to make fintech-related regulations more flexible and generate enhanced entrepreneurship in area where India has distinctive comparative strengths vis-à-vis other emerging economies.

It will find ways of using fintech in critical sectors of economy, including financing of micro, small and medium enterprises (MSMEs), delivery of e-services to vulnerable sections of society, management of land records and other government services. It will also focus on how fintech can be leveraged to enhance financial inclusion of Micro, Small and Medium Enterprises (MSMEs).

It will examine means of using data available with Goods and Services Tax Network (GSTN) and information utilities such as credit information companies to make applications for financing of MSMEs. It will also work with entities such as UIDAI to create and use unique enterprise identification number.