Swift global payment innovation, implementation of gpi services cross-border e-commerce

Referring to SWIFT (Global Banking Financial Telecommunication Association), the most common understanding for ordinary users is the SWIFT CODE, and basically every bank remittance can be involved.

What exactly is SWIFT?

In fact, SWIFT is a global peer-to-peer cooperation organization. SWIFT is the world’s leading security financial messaging service.
SWIFT is headquartered in Belgium, and our international governance and supervision have strengthened the neutral and global nature of our cooperative organization structure. SWIFT’s branches are distributed globally and its business covers all major financial centers.

It provides message transmission platforms and communication standards to the industry; we provide a variety of products and services to facilitate the facilitation and integration of financial services, identity recognition, analysis and compliance with financial crimes.

SWIFT’s messaging platform, products and services connect more than 11,000 banks, securities institutions, market infrastructures and corporate users worldwide, covering more than 200 countries and regions, helping the global user community to securely communicate and exchange standards through reliable channels. Financial telegrams thus support financial exchanges in global and local markets and help international trade and business activities.

SWIFT gpi aims to help banks provide faster, transparent and traceable cross-border payments, thereby improving the corporate treasurer’s payment experience. Since the release of the service in December 2015, by January 2017, there were 20 major transaction banks in the world. In 200 countries, more than 110 banks have joined the project.

Recently, SWIFT has teamed up with several SWIFT gpi banks from Australia, China, Singapore and Thailand to jointly develop unique cross-border real-time payment services in the Asia Pacific region. SWIFT has held a briefing session to discuss the development of a gpi-based Asia Pacific cross-border real-time payment system with banks in the Asia-Pacific region.

The service will be implemented in three phases:

The first phase will introduce a new real-time gpi sub-plan to facilitate real-time cross-border payment between gpi banks in the region. The success of SWIFT gpi payment has greatly reduced the cross-border payment time to several minutes. On this basis, it will ensure that the region will sign up for real-time settlement of interbank cross-border payments.

The second phase will effectively expand the SWIFT gpi service to the original real-time payment system in each receiving country, thereby ensuring that the “incoming and follow-up” payments in the four markets can be settled in real time, regardless of whether the final beneficiary is connected to SWIFT. Or set up an account with a gpi bank.

The third phase will strive to connect the domestic real-time payment system through SWIFT gpi to promote full cross-border real-time payment between the corresponding customers. The purpose of this is to ensure that holders of remittance and collection accounts can enjoy a full real-time payment experience – again, whether or not they are setting up an account in a bank connected to SWIFT or gpi.

Eddie Haddad, Managing Director of SWIFT Asia Pacific, stated: “The Asia-Pacific region has adopted a real-time real-time payment system. Therefore, cross-border real-time service is a natural extension of SWIFT gpi in the region and also brings new experiences to bank customers. SWIFT has unique advantages. Can help customers make full use of their existing infrastructure investment, standardize multiple market linkages, boost efficiency, support cross-border trade, and promote integration in the ASEAN region.”

SEB is a leading Nordic financial services group and has started using SWIFT’s global payment innovation (gpi) service. With SWIFT gpi, SEB can now provide a fast cross-border payment experience – real-time payment tracking and transparency of bank fees and foreign exchange rates.

Paula Da Silva, Head of SEB Transaction Services, said: “We have supported this initiative from the very beginning and are very happy to achieve this goal. SWIFT gpi improves the payment process currently used by customers and we will support more than 40 on this platform. The currency. The focus of the future is to explore new opportunities offered by SWIFT gpi. With advances in the payment sector, we need continuous improvement to keep abreast of development and improve the customer experience.”