SWIFT GPI

US.CAPITAL 1 BANK , LAUNCHES THE SWIFT GPI SERVICE FOR CROSS-BORDER PAYMENTS – OPERATIONAL SINCE THE END OF 2016

In a world where everything is connected, banks are moving quickly to keep pace with the digital transformation and offer a fast and fully traceable cross-border payment experience.

The US.CAPITAL ONE BK Group is thus previewing the SWIFT GPI (Global Payment Innovation) service, a new standard for cross-border payments to enable its corporate customers to manage and monitor their international payments more efficiently.

Thanks to SWIFT GPI, the bank offers its customers the best experience in monitoring and managing their cross-border payments, in terms of increased speed of payment for international goods and services, shorter procurement cycles and reduced exposure to foreign exchange risks, real-time payment monitoring, end-to-end payment information transfer, optimised cash and liquidity management, etc.

Committed to digital transformation, US.CAPITAL ONE BK is continually committed to offering a quality service backed by digital technology, through the diversification of its national and international services to get closer to its corporate clients and respond effectively and quickly to all their needs.

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About :The GPI in SWIFT GPI stands for ‘Global Payments Initiative’. It is a new global payments standard launched by SWIFT in 2017 to provide greater end-to-end transparency, faster credits, and reduce investigations costs by setting uniform standards and SLAs.

US.C.CAPITAL ONE BK.

CAPITAL ASSET MANAGEMENT OF CYRUS CAPITAL GROUP

Let's Learn More About SWIFT GPI

What problems does SWIFT GPI solve?

SWIFT GPI addresses one of the key issues faced by the financial industry which is transparency. Having the ability to trace a cross-border payment just the way you would trace a package or a food delivery. A party involved in the life journey of payment can now use GPI to know where the payment is, who is it with, the latest status, and more importantly, any charges, including FX conversions , applied to the payment.

The new standard also has made the movement of funds faster than it ever was. A beneficiary can, in many cases, be credited in as little as 5 minutes. It ensures unaltered remittance information which facilitates reconciling incoming funds.

How does it help to reduce the risk of fraudulent payments?

The stop recall service within SWIFT GPI allows an institution to quickly stop the payment where it is and recall it to the sender. This service is very important in case of an erroneous or fraudulent payment. Additionally, the system can also help stop the payment from moving any further than the current holder which, when successful, prevents the processing of the payment.

What had the industry response to SWIFT GPI been?

Since its introduction in 2017, SWIFT GPI has shown a tremendous acceleration. As of Dec 2020, there are more than 1100 live GPI users, and 2325 live GPI country corridors. More than 70% of cross-border SWIFT payments are sent as GPI. This amounts to over $355 Billion sent in payments every day. This is more than 150% increase not just in the adoption rate but also the daily dollar value exchanged via GPI (per SWIFT’s Quarterly update provided in Dec 2020).

What is Cambridge's take on SWIFT GPI?

Being a SWIFT member, we are invested in SWIFT GPI and what it can do for our internal and external stakeholders. Our internal operations teams are equally as important to us and our partners and clients. To arm them with the right tools that scale existing processes and alleviate pressure is a constant goal we work towards. The better equipped our operations teams are, the better and faster they can service our clients and partners.

We are focused and devoted to the success of all our stakeholders. Integrating to SWIFT GPI is a key step towards that goal

Start increasing the efficiency of your payment processing with our robust, streamlined SWIFT GPI solution

US.CAPITAL BANK Global Payments

Over 14,000 global businesses trust Cambridge to power their cross-border payments, execute plans to manage their currency risk and ultimately help grow their businesses around the world. At US.Capital bank, we aim to deliver unmatched service and expertise with respect to moving money globally. Utilizing our proprietary payment automation technology and currency risk mitigation solutions, we take pride in connecting businesses large and small with the global financial markets and businesses all over the world.