PHOTO
The Saudi British Bank’s (SABB) new deal with SWIFT global payment innovation (gpi) is expected to deliver fast, transparent and better traceability in cross border payments for its corporate clients. SABB is the first bank in the Middle East, North Africa and Turkey (MENAT) to go live with the new cross border payment process for corporates.
Belgium-based SWIFT is the world’s leading provider of secure financial messaging services. SWIFT gpi was officially launched for corporates on July 2019.
SWIFT gpi is widely seen as a global payments innovation standard that financial institutions can onboard to improve the way money is transferred worldwide.
“SWIFT gpi payments are fast: 50 percent credited within 30 minutes, many in seconds and 96 percent within 24hours,” Onur Ozan, Head of Middle East, North Africa & Turkey, SWIFT told Zawya.
“GPI payments represent 60 percent of SWIFT’s cross-border payments in more than 1500 country corridors, both doubling since last year. We have even tripled in value with gpi flows of over $300 billion/day,” he added.
The new standard enables application providers and banks to offer corporates better payment transparency, improves certainty of payments, traceability, exception handling and reconciliation directly in their treasury operations, SABB said in a statement.
“Banks around the world have embraced SWIFT gpi as the new standard for cross-border payments and are already delivering faster, more transparent and traceable payments to their customers,” Ozan said.
SWIFT gpi allows corporates to track payments real time and receive confirmation of credit in a consistent fashion, across multiple banks within their corporate treasury systems.
Majed Najm, Deputy Managing Director, Corporate and Institutional Banking, at The Saudi British Bank, said: “Our corporate customers will now be able to rely on fast, efficient and transparent cross-border payments through a standardised gpi experience, enabling payment tracking and transparency directly into their ERP’s and Treasury Management Systems.”
“An increasing number of banks are offering SWIFT gpi tracking through their individual portals, which benefits companies track via bank specific platforms,” he added.
(Writing by Gerard Aoun, editing by Seban Scaria)
Our Standards: The Thomson Reuters Trust Principles
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2019
