What are the key features and advantages of using SWIFT gpi for cross-border payments?

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Cross-border payments are essential for global trade and commerce, but they can also be complex, costly, and slow. Traditional payment methods rely on a network of correspondent banks that exchange messages and funds through the SWIFT system, but this can create challenges such as lack of transparency, traceability, and certainty. That's why SWIFT launched its global payments innovation (gpi) initiative in 2017, aiming to improve the speed, security, and efficiency of cross-border payments. In this article, you'll learn what SWIFT gpi is, how it works, and what are the key features and advantages of using it for your international transactions.

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1 What is SWIFT gpi?

SWIFT gpi is a set of standards and rules that enable banks to offer faster, more transparent, and more reliable cross-border payments to their customers. SWIFT gpi leverages the existing SWIFT infrastructure and messaging system, but adds new features and functionalities that enhance the payment experience. SWIFT gpi is not a separate product or service, but rather a collaborative effort among participating banks that agree to follow the gpi principles and requirements.

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Bertrand Theaud

Founder @Statrys ? Helping 3,500+ SMEs stay on top of the Payment Game ? We're hiring ??
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SWIFT gpi is built upon four foundational goals: 1- Accelerating Payments: Establishing protocols to speed up international transactions. 2- Tracking with Precision: Implementing the Unique End-to-End Transaction Reference (UETR) to allow for the real-time tracing of payments. 3- Fee Clarity: Requiring member banks to disclose all charges and processing fees fully. 4- Data Integrity: Ensuring the consistency and accuracy of transaction-related data throughout the payment lifecycle.

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Giorgio Dorkin

Payments and Open Finance Expert
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The goal of swift GPI is to make international payments more secure, transparent, and frictionless; therefore, it comes with a number of features and integrates some services that you need to know about for complete planning (see next points).

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Chris Del Grande

President & Co-Founder ? Father ? Entrepreneur ? Payments ? 2x Inc. 500/5000 List ? Helping Small Businesses ? Connector
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Innovation for small businesses isn't always about reinventing the wheel; sometimes it's about giving it a smoother spin. Imagine turbocharging your existing processes to make them faster and more efficient without starting from scratch. By collaborating and building upon what's already in place, you can create more transparent and reliable solutions for your customers. After all, why build a new road when you can pave the one you're already on to perfection?

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2 How does SWIFT gpi work?

SWIFT gpi works by assigning a unique identifier (UETR) to each payment instruction, which allows the sender, the receiver, and the intermediary banks to track the status and details of the payment in real time. SWIFT gpi also provides a cloud-based service (the gpi tracker) that enables banks and their customers to access the information and data related to their payments, such as fees, exchange rates, and processing time. SWIFT gpi also facilitates the communication and resolution of any issues or inquiries that may arise during the payment process.

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Giorgio Dorkin

Payments and Open Finance Expert
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The GPI tracker makes it possible to connect and check the status of payments in progress or those already made. This feature makes possible a simplified management of payment recalls and, consequently, ensures a reduction in errors and greater security of payments by making the information needed for this management immediately available. GPI integrates some very useful services, for example: - Pre-validation, a useful service to minimize transaction failures; this is possible through a correctness check before the transaction is sent. - Case resolution, a service for handling instances between banks, useful, for example, when payment is incorrect or lost. Case resolution also offers simplified management of queries between banks.

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3 What are the key features of SWIFT gpi?

SWIFT gpi offers several features that improve the cross-border payment experience for both banks and their customers. These features include faster payments, transparency of fees, end-to-end tracking, and rich data. Faster payments ensure that most payments are credited to the beneficiary's account within 24 hours, and many within minutes or even seconds. Additionally, SWIFT gpi provides clarity on the fees charged by each bank involved in the payment chain and the exchange rate applied, so that the sender and the receiver know exactly how much money is transferred and received. End-to-end tracking enables both parties to track the progress and status of their payment from start to finish, using the UETR and the gpi tracker. Furthermore, SWIFT gpi allows for exchanging additional information and data related to their payment such as invoices, contracts, or remittance details using the ISO 20022 standard. This enhances reconciliation and compliance of the payment as well as supports digitalization and automation of the payment process.

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4 What are the advantages of using SWIFT gpi?

SWIFT gpi offers several advantages for both banks and their customers who engage in cross-border payments, such as improved customer satisfaction, reduced costs and risks, and a competitive edge. By providing faster, more transparent, and more reliable payments, customers experience increased loyalty, retention, and referrals. Banks can reduce the operational costs and risks associated with cross-border payments using the gpi tracker and the UETR. Additionally, SWIFT gpi gives banks a competitive edge in the global payments market by enabling them to offer a superior service to their customers and comply with regulatory and market expectations. Joining the gpi community also allows banks to benefit from the innovation and collaboration fostered by SWIFT gpi and leverage new technologies enabled by the platform.

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Giorgio Dorkin

Payments and Open Finance Expert
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Tracking transactions through the UETR helps corporates reduce complexity in managing treasuries, as it makes it easy to know the status of payments. In addition, the transaction execution time is very fast as most payments are completed within the same day, which makes cash flow more efficient. These aspects lead Corporates to be able to ensure/take advantage of better supply management and ultimately optimize their internal processes. Banks can provide their corporate customers with better services, leading to better customer retention and attraction. The security provided by GPI's services and the ease of recalling transactions improves the operations of corporates and banks and enables them to reduce losses from suffering fraud.

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5 How to get started with SWIFT gpi?

If you are interested in using SWIFT gpi for your cross-border payments, you need to check if your bank is a member of the gpi network. You can find the list of participating banks on the SWIFT website, or you can ask your bank directly. If your bank is a gpi member, you can request them to activate the gpi service for your account, and to provide you with the necessary tools and information to access the gpi features and benefits. If your bank is not a gpi member yet, you can encourage them to join the gpi initiative, or you can look for alternative banks that offer the gpi service.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the key features and advantages of using SWIFT gpi for cross-border payments?

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1 What is SWIFT gpi?

2 How does SWIFT gpi work?

3 What are the key features of SWIFT gpi?

4 What are the advantages of using SWIFT gpi?

5 How to get started with SWIFT gpi?

6 Here’s what else to consider

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