In the fast-paced world of cross-border payments, efficient and secure payment processing is paramount for businesses of all sizes, and rapidly evolving technology has caused fundamental shifts in customer expectations. Where it was previously accepted that international transactions could take days to reach their destination, today customers expect payments to be processed asap with full transparency into their status.
How are payments companies like Convera meeting these expectations? Through simple and intuitive digital tools that leverage new standards for handling cross-border payments developed by SWIFT and the global banking community.
Understanding SWIFT gpi
SWIFT gpi is a transformative initiative established by SWIFT (Society for Worldwide Interbank Financial Telecommunication). Gpi stands for global payments innovation and aims to bring speed, transparency, and traceability to cross-border transactions.
Essentially SWIFT and the global banking community have come together to implement stricter service level agreements around the time it takes to credit international transactions, and the level of transparency into the status of payments.
More than 1085 banks around the world have agreed to participate in SWIFT gpi, with each institution ensuring it could commit to the required level of payment transparency. In total, the initiative applies to almost 150+ currencies, across more than 2,744 country corridors.
The result means that by leveraging SWIFT gpi, financial institutions and payments companies like Convera can offer real-time tracking and enhanced end-to-end visibility for their customers’ cross-border payments.
Fast payments and real-time updates
A key benefit of integrating SWIFT gpi is that B2B payments platforms can provide customers with status updates regarding the progress of their international payments from initiation to final settlement. This level of visibility allows business customers to plan cash flows and forecast budgets more effectively, and helps manage financial risks associated with international transactions.
SWIFT gpi also facilitates high-speed processing of cross-border payments in minutes or even seconds. According to SWIFT’s website, nearly 50% of gpi payments reach beneficiaries within 30 minutes and 40% in under five minutes, with almost 100% of payments credited within 24 hours.
Improved customer support
SWIFT gpi’s unique tracking feature also helps improve exception handling. In the rare event that a payment is held up or encounters an issue, customer support teams can use the real-time data provided by gpi to quickly identify and resolve the problem. This proactive approach not only mitigates any potential disruptions but also demonstrates a commitment to providing exceptional customer service.
Audit trails and regulatory compliance
In the highly regulated international payment landscape, maintaining compliance with various financial regulations is crucial. SWIFT gpi provides a comprehensive and tamper-proof audit trail for each transaction. Cross-border payments companies can leverage this trail to demonstrate their adherence to regulatory requirements, instilling further confidence in their customers and fostering trust in the payment process.
Leading international payments companies are significantly enhancing their service offerings by incorporating SWIFT gpi into their platforms. Real-time tracking, transparency, and exceptional customer support are essential factors in today’s competitive business environment. By empowering customers with the ability to effortlessly track the status of their international payments, companies like Convera are reinforcing their position as a leading player in the industry, elevating customer satisfaction and building lasting partnerships with businesses worldwide.
Ready to learn more about the latest in cross-border payments? Sign up for the latest currency and FX news to get market insights from our team of experts.
Plus, dive deeper into the trends shaping cross-border payments with our podcast, Converge.
