No Need To Change Existing Systems,
Service Providers, Or Institutions
SWIFT GPI
Global Payment Transaction Insights In Real-Time
SWIFT GPI
Feature Overview
How The SWIFT GPI Feature
Can Bring Value To Your Global Organization
The integration of SWIFT GPI into its Enterprise Financial Hub will bring substantial improvements to the way businesses handle cross-border payments. These features provide quantifiable benefits, including increased transparency, cost savings, and operational efficiencies, all of which contribute to smoother international trade and financial management. Using SWIFT GPI ensures that businesses can confidently navigate the complexities of global payments, supported by an infrastructure that emphasizes speed, transparency, and security.
Enhanced Payment Tracking
Feature Description: Offers end-to-end tracking of payment transactions, allowing businesses to monitor payment status from initiation to receipt in real time.
Business Benefits: Increases operational transparency and customer satisfaction by possibly 30% by providing accurate, real-time status updates, reducing uncertainty and customer service inquiries.
Faster Payment Settlement
Feature Description: Enables expedited processing of cross-border payments, ensuring that funds are credited to the recipient’s account more quickly than traditional SWIFT payments.
Business Benefits: Improves liquidity and working capital management by approximately 40% through quicker settlement times, enhancing cash flow predictability.
Unaltered Remittance Information
Feature Description: Ensures that remittance information is transferred without alteration, maintaining data integrity throughout the payment chain.
Business Benefits: Manual reconciliation efforts are decreased by up to 35% by providing consistent and unaltered transaction data, significantly streamlining accounting processes.
Payment Confirmation
Feature Description: Confirms when funds have been credited to the recipient’s account, providing peace of mind and proof of payment for both sender and recipient.
Business Benefits: Enhances customer and supplier relations by possibly 20% with verifiable proof of payment, reducing disputes and strengthening trust between parties.
Stop and Recall Payments
Feature Description: Offers the capability to stop and recall payments in the event of an error or fraud detection, adding a layer of control and security.
Business Benefits: Reduces financial risk and potential losses by up to 50% by enabling immediate action in case of erroneous or fraudulent transactions.
ISO 20022 Messaging Standard Compatibility
Feature Description: Complies with the ISO 20022 messaging standard, supporting richer data exchanges for better compliance and automation of financial messages.
Business Benefits: Lowers the cost of payment processing by potentially 15% by enabling automation and improved compliance, reducing the need for manual intervention, and enhancing system interoperability.
Fee Transparency
Feature Description: Delivers detailed information on the fees deducted by intermediary banks during the payment process, ensuring full transparency.
Business Benefits: Reduces unexpected costs by up to 25% by providing clarity on fees, helping businesses manage their finances better and avoid unforeseen charges.
SWIFT GPI
Global Payments Innovation
SWIFT GPI Compliance Made Simple
SWIFT GPI (global payments innovation) is a relatively new standard for tracking money sent internationally. Combined with trusted SWIFT money transfers, SWIFT GPI provides a highly secure and traceable tool. It also cuts down on holds or delays that may accompany other payment methods. With SWIFT GPI, you can also account for your money every step of the way. Plus, payments arrive in minutes, not days. This advanced technology makes cross-border payments as quick and efficient as domestic payments – with strong security and transparent tracking.
INSTANT® enables quick SWIFT GPI compliance – without making modifications to any source system(s) – and you can test and validate using the INSTANT Simulator.
Features:
GPI Directory auto upload: GPI directory subscribed from SWIFT can be automatically uploaded to IMS SWIFT GPI module.
GPI Directory-based routing and fee calculation: IMS SWIFT GPI module can identify message routing and calculate fees for transfer.
Smart Form for quick creation of MT103 GPI: IMS SWIFT GPI module have easy to use message creation forms which can be used to create messages very efficiently.
Complete workflows for gCCT, gCOV & gSRP: IMS SWIFT GPI module handles all workflows for gCCT credit transfers, gCOV cover payments, gSRP stop and recall functions.
Duplicate Check: All incoming and outgoing transactions will be checked for duplicates based on pre-configured match criteria.
Compliance Check: IMS SWIFT GPI module have the ability to scan transactions against multiple sanctions lists or it can also connect to existing compliance engines to scan the transactions.
Status update via tracker MT199/API: Support for SWIFT tracker updates using MT199 or API calls.
Dashboard & Interface for Operations: Our SWIFT GPI module comes with dashboards for tracking transactions based on stages, interfaces, and controls for efficient operations. The module also comes with integration features for updating corporate customers with real-time updates.
Reconciliation of ACK, MT199, MT299 with the transaction: Single view of transactions with all the relevant messages, including tracker updates and a complete audit trail.
Update source systems with UETR and status: All transactions coming from source systems will be converted with fully validated SWIFT messages, and source systems can be updated back with UETR and real-time status updates.
API for real-time status update to source systems: The API that comes with this module can be utilized by source systems for a real-time status update.
