Brussels - SWIFT is launching a Business Intelligence gpi Observer Analytics tool, a new resource for gpi banks to gain more comprehensive business insights into their gpi traffic flows.
The unique market and competitive analysis that gpi Observer Analytics provides will allow financial institutions to act on reliable and fact-based information to understand the current itinerary and speed of their payment instructions.
This will allow them to optimise payment routings and steer their cross-border payment strategies. In addition, it will enable financial institutions to fine-tune Service Level Agreements with their correspondent banks, leading to lower costs and faster payments and, ultimately, an improved customer value proposition.
By benchmarking and monitoring gpi payments at country, country corridor, and currency level, financial institutions will be able to see their activity shares, view gpi market practices and identify new business opportunities. They will also be able to use the tool to spot any outliers in their cross-border payment flows.
“The new SWIFT gpi Observer Analytics tool provides valuable insights into our cross-border gpi payment flows and market share”, said Graham Standfield, Senior Manager, Product Development, Customer Products & Services, National Australia Bank. “The Observer Analytics data will allow NAB to enhance the international payments experience for our customers through improved payment delivery management with our banking partners.”
Launched following a successful pilot with 17 banks, gpi Observer Analytics is now available to all gpi banks.
Harry Newman, Head of Banking, SWIFT, said: “Banks want to have much more information to help them better direct their payment messages. gpi Observer Analytics is designed to give gpi members deeper business insights into their gpi payment flows giving them routing intelligence and allowing them to benchmark against the wider gpi community.”
Onur Ozan, Head of Middle East, North Africa and Turkey at SWIFT, said: “Banks in the Middle East are embracing the gpi service. With the addition of gpi Observer Analytics, our members will be able to access and analyse complex data and overall SWIFT gpi traffic in a simpler way through a state-of-the-art platform. It was clear to us at SWIFT’s Middle East Regional Conference held in Dubai that regional banks want access to data and tools that provide business insights. With this new service, SWIFT aims to deliver this support to our gpi members and their businesses.”
SWIFT organised its Middle East Regional Conference (MERC), which was attended by more than 500 delegates from over 25 countries, in Dubai last week under the patronage of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of Dubai International Financial Centre (DIFC), a leading international financial hub in the Middle East, Africa and South Asia (MEASA) region.
To date, over 220 financial institutions around the world are signed up to SWIFT gpi, with over USD 100 billion in SWIFT gpi payments being sent daily across 600+ international payment corridors – representing over a third of all SWIFT payments. There are 7 banks live on the service in the Middle East including Mashreq Bank, the Commercial Bank of Kuwait, National Commercial Bank, Garanti Bank, Bank al Etihad, Al Baraka Bank and the National Bank of Kuwait.
About SWIFT Business Intelligence
Launched in 2005, SWIFT’s Business Intelligence (BI) portfolio encompasses an entire suite of intuitive tools including analytics, insights, consulting services and economic indicators designed to grow with customers’ business needs. The current portfolio includes Watch Analytics, a platform to analyse and report traffic volumes, value and currency by market, message type and region especially focusing on payments, trade finance, foreign exchange and securities markets. Watch Insights offer visual and business oriented dashboards on a subset of correspondent banking traffic.
The gpi Observer Insights monitors adherence to the gpi rulebook – the ‘business rules’ is extended to gpi Observer Analytics. BI Services, including BI for gpi, bring value beyond the data, and SWIFT Economics feature the monthly RMB Tracker, RMB Market Insights report and FX Performance Insights.
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