Today, Standard Chartered went live with its US Dollar (USD) SWIFT global payments innovation (gpi) services.
With SWIFT gpi implemented, the services it provides will extend to customers making USD cross-border payments.
Using SWIFT gpi, customers making cross-border payments will now be able to get end-to-end confirmation of their transaction throughout the entire payments journey with complete transparency of the transaction costs and process.
This enables customers to manage their finances better and offers a faster, same day use of funds with increased visibility over transaction statuses and costs.
Anurag Bajaj, global head of correspondent banking & regional head of transaction banking for the Americas, Standard Chartered, said: “SWIFT gpi significantly increases our client value proposition for payments given the improved traceability, transparency and speed.
“As an established leader in global payments innovation, Standard Chartered has been a founder member in SWIFT gpi which is fast becoming the gold standard for international payments”.
Wim Raymaekers, head of banking markets and SWIFT gpi added: “Standard Chartered has been a key contributor to the gpi initiative from the very start. Early this year, they were also one of the very first adopters in Asia when the gpi service went live.
“With USD being the prime currency used in cross-border payments, we are delighted to see that Standard Chartered has now also extended its gpi capabilities beyond the Asian market and are offering the gpi benefits to corporates and financial institutions in the US market.”
SWIFT gpi is an industry-wide collaboration between SWIFT and leading banks in the world to drive innovation in cross-border payments. In the past, customers have struggled to track cross-border payments as the traditional correspondent banking rails had limited tracking capabilities, lacked transparency and could require two to three days before funds were credited on the beneficiary’s account.