India’s largest private sector lender ICICI Bank became first Indian bank to go live on SWIFT’s (Society for World Interbank Financial Telecommunication System) Global Payment Innovation (GPI), an improved cross-border payments service.
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)
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.