Having to use the swift global payment innovation (GPI) businesses can use the SWIFT GPI Tracker for corporates to determine which financial institutions are engaged in international money transfers when they send or receive money abroad. The following article provides information on the history of this service as well as how corporate clients can use it.

SWIFT GLOBAL PAYMENT INNOVATION(GPI):

This is a cross-border payment protocols used for international wire transfers from different banks to the other. Over 200 leading nations banks make use of the swift network, ranging from North America, Asia pacific, Asia, Europe and Africa. They are all already signed to the network with many more expected to join.

So in order to understand the function of the SWIFT GPI tracker, one must first understand the function of SWIFT.

SWIFT is an organization of banks around the world that carries out communications services for financial transactions between financial institutions. On the one hand, specific SWIFT MX message types defined as communication formats, on the other hand, messages of these types are also transmitted via dedicated SWIFT interfaces: called SWIFTNet.

The global payment innovation target is to streamline and increase all transparency of cross-border payments. Banks now send and receive funds instantly and also securely from any other account from any region the funds are sent from without fear of loss or where the payment is at any requested time.

The technology connects financial institutions all over the world allowing for secure international transactions and transfer

What is Swift GPI Payment?

Built as a cloud-based program to track and monitor payments, monitor adherence to SLAS, consulting information related to members in the GPI.

Swift GPI payment is a payment initiative focused on helping for seamless cross-border payment and transactions all over the world. The swift network itself is not a clearing and settlement mechanism meaning no accounts are stored or kept within its server but only exchanging financial transaction messages all participants have their own unique identifier that is a SWIFT CODE or BIC (Bank Identifier Code).

NB; If two banks (a debtor and a creditor) wish to transfer money but do not share an account, a swift can be used to find out how to get the money to the receiver. 

Every single transactions is assigned Unique End-to-End Transaction Reference(UETR) which allows providers of the payment watch and observe the payment from start to finish.

How does SWIFT GPI work?

The new standard in global payment for banks and financial institutions combines domestically to deliver real-time payment to cross-border instantly without having any kind of restrictions from the bank in operating hours.

Swift GPI let’s you make high-speed cross-border payment in minutes or few seconds, almost 50-60% of GPI payments sent are credited to the end point beneficiary within 30-45 minutes while 40-50% is credited in less than 10 minutes and the other 100% is credited within 24-72 hours.

Only the US and UK 21billion is estimated for failed transactions that in incurs fees of 2% for each of any failed transactions making the tracking feature utmost essential for service providers.

GPI do provide a pre-check feature and reducing the chances of failed transactions by being informed from the beneficiary bank if the receiving bank will receive the payment immediately or not before it is then executed.

With helps of correspondent banks the is then moved it can be credited to recipient account

The Corresponding Banking System:

Correspondent Banking System is a network of banking relationships where one financial institution (the correspondent bank) provides services on behalf of another financial institution (the respondent bank). This system is essential for conducting international banking transactions, enabling banks to offer services in regions where they do not have a physical presence.

Correspondent banks maintain accounts (nostro and vostro accounts) for each other to facilitate international transactions. 

There are around 200 banks around the world that actively act as correspondent banks. Transferring funds for other banks for a fee is therefore an essential part of doing business. In addition, they can usually also carry out a currency exchange if necessary and earn a margin in the process. In countries with a poorly developed financial infrastructure, these banks perform an important role.

Which banks us SWIFT GPI?

Swift GPI isn’t a joke neither a proof of concept, it been tried tested and working which is used by community of over 4,455+ financial institutions. Every day banks send equivalent of over $500 billion in value via the GPI.

Over 80%+ of all the payment sent are through the swift GPI.

Swift GPI Member Banks

FROM AMERICAS AND UNITED KINGDOM                 

AFEX AGENTES DE VALORES LIMITADA

ARUBA BANK N.V. ♦

ASSOCIATED FOREIGN EXCHANGE, INC

BANCA AFIRME, S.A.,

BANCO ATLAS S.A.

BANCO BISA S.A. ♦

BANCO BTG PACTUAL S.A ♦

BANCO CREDICOOP COOPERATIVO LTD ♦

BANCO DE CHILE ♦

BANCO DE DESARROLLO RURAL S.A. ♦

BANCO DE LA PROVINCIA ♦

BANCO DEL ESTADO DE CHILE ♦

BANCO FIE S.A. ♦

BANCO GANADERO S.A. ♦

BANCO IMPROSA, S.A. ♦

BANCO INTERAMERICANO DE FINANZAS ♦

BANCO MACRO S.A. ♦

BANCO MULTIPLE BHD S.A. ♦

BANCO OURINVEST S.A ♦

BANCO RENDIMENTO S/A ♦

BANCOLOMBIA S.A. ♦

BANK OF MONTREAL ♦

BLACKSTONE SECURITIES PARTNERS LP ♦

CALASTONE LTD ♦

CENTRAL 1 CREDIT UNION

CITIBANK N.A. ♦

COMMERCE BANK

CUSTOM HOUSE FINANCIAL (UK) LTD. ♦

FIRST CITIZENS BANK AND TRUST CO. ♦

FULTON BANK, N.A. ♦

GLOBAL REACH PARTNERS LIMITED ♦

GUAVAPAY LIMITED ♦

HSBC BANK PLC ♦

INTERACTIVE BROKERS LLC ♦

JPMORGAN CHASE BANK, N.A. ♦

LLOYDS BANK PLC ♦

MMG BANK CORPORATION ♦

NATIONAL WESTMINSTER BANK PLC ♦

PNC BANK,N.A., ♦

REVOLUT LTD ♦

STANDARD CHARTERED BANK ♦

THE BANK OF NEW YORK MELLON ♦

THE TORONTO DOMINION BANK ♦

U.S. BANK NATIONAL ASSOCIATION ♦

VISION BANCO S.A.E.C.A. ♦

WESTERN ALLIANCE BANK ♦

WORLD FIRST UK LTD ♦	ANSA BANK LIMITED

ASCENDANTFX CAPITAL USA, INC. ♦

ATB FINANCIAL ♦

BANCO ACTINVER SA INSTITUCION DE ♦

BANCO BCT S.A. ♦

BANCO BOLIVARIANO ♦

BANCO CONTINENTAL SAECA ♦

BANCO DAVIVIENDA S.A. ♦

BANCO DE CREDITO DEL PERU ♦

BANCO DE GALICIA Y BUENOS AIRES ♦

BANCO DE RESERVAS DE LA REPUBLICA ♦

BANCO DO BRASIL S.A. ♦

BANCO FINANCIERA COMERCIAL ♦

BANCO GENERAL S A ♦

BANCO INBURSA S.A.,INSTITUCION DE ♦

BANCO INTERNACIONAL, S.A. ♦

BANCO MERCANTIL DEL NORTE,S.A.,INST ♦

BANCO NACIONAL DE BOLIVIA S.A ♦

BANCO PICHINCHA C.A. ♦

BANCO SUPERVIELLE S.A ♦

BANESCO (PANAMA) S.A. ♦

BANK OF ST. HELENA

BROWN BROTHERS HARRIMAN AND CO ♦

CAMBRIDGE MERCANTILE CORP. ♦

CHICAGO MERCANTILE EXCHANGE ♦

CLEARBANK LIMITED ♦

COOPERATIVA DE AHORRO Y CREDITO EL

DEPOSITORY TRUST COMPANY, THE

FIRST NATIONAL BANK OF OMAHA ♦

GHANA INTERNATIONAL BANK PLC ♦

GOLDMAN SACHS AND CO. LLC ♦

HAMILTON RESERVE BANK LTD. ♦

HUNTINGTON NATIONAL BANK ♦

INTERCAM BANCO SA INSTITUCION DE ♦

KEYBANK NATIONAL ASSOCIATION

LONDON STOCK EXCHANGE PLC ♦

MORGAN STANLEY AND CO., LLC ♦

NATIONWIDE BUILDING SOCIETY

PRIVALGO LIMITED

ROYAL BANK OF CANADA ♦

STONEX FINANCIAL LTD ♦

THE BANK OF NOVA SCOTIA ♦

TPG GLOBAL LLC

UMPQUA BANK ♦

VITESSE PSP LIMITED

WESTERN UNION FINANCIAL SERVICES, ♦	ARGENTEX LLP

ASOCIACION POPULAR DE AHORROS Y ♦

BAC INTERNATIONAL BANK, INC. ♦

BANCO ATLANTIDA S.A. ♦

BANCO BICE ♦

BANCO BRADESCO SA

BANCO COOPERATIVO SICREDI SA ♦

BANCO DAYCOVAL S/A ♦

BANCO DE CREDITO E INVERSIONES ♦

BANCO DE LA PRODUCCION S.A. ♦

BANCO DEL AUSTRO S.A. ♦

BANCO ECONOMICO S.A. ♦

BANCO G AND T CONTINENTAL. S.A. ♦

BANCO HONDURENO DEL CAFE

BANCO INDUSTRIAL S.A. ♦

BANCO LAFISE BANCENTRO, S.A. ♦

BANCO MONEX, S.A., ♦

BANCO NACIONAL DE COSTA RICA

BANCO POPULAR DOMINICANO, S.A. ♦

BANCO VOTORANTIM S.A. ♦

BANK OF AMERICA, N.A. ♦

BARCLAYS BANK PLC ♦

C. HOARE AND CO.

CANADIAN IMPERIAL BANK OF COMMERCE ♦

CIBANCO S.A. ♦

COLUMN NATIONAL ASSOCIATION

CROWN AGENTS BANK LIMITED ♦

EBURY PARTNERS UK LTD ♦

FIRST NATIONAL BANK OF PENNSYLVANIA

GLOBAL CURRENCY EXCHANGE NETWORK

GPS CAPITAL MARKETS, LLC

HIFX EUROPE LIMITED ♦

IFX UK LTD

ITAU UNIBANCO S.A ♦

LEK SECURITIES CORPORATION

M & T BANK, NYC

MULTIBANK INC. ♦

PACIFIC COAST BANKERS' BANK ♦

REPUBLIC BANK LIMITED ♦

S.W.I.F.T. OPERATING CENTRE

TERRA PAYMENT SERVICES (UK) LIMITED

THE CURRENCY CLOUD LIMITED ♦

TRAVELEX BANCO DE CAMBIO S.A. ♦

UNITED NATIONS ♦

WELLS FARGO BANK, N.A. ♦

WISE PAYMENTS LIMITED