Santander Bank has deployed SWIFT’s global payments innovation (gpi) service in Spain, the UK, Argentina and Poland to offer improved cross-border payments service to its customers.
The bank will also roll out the Santander SWIFT service in Chile and Mexico by the end of this year, with plans for expansion to additional countries next year.
SWIFT noted that 80% of Santander cross-border payments will be on SWIFT gpi by the end of this year.
SWIFT gpi is said to enable fast transactions – nearly 50% of which are credited in 30 minutes. The service is available with real-time payments tracking as well as transparency on bank fees and foreign exchange rates.
End clients can track their payments status from end-to-end, with visibility into each payment, including details of all banks in the payment chain and any fees.
Santander España GTB head Eva Bueno Velayos said: “For us, SWIFT gpi represents a good opportunity to improve the experience provided to our clients in their international payments, making the process faster and more transparent while simultaneously making our internal processes more efficient.
“We are looking forward to advancing in the following phases in order to achieve the best possible service in our payments offering.”
Since its launch last year, SWIFT has been working with Santander on a global project. The partners customised their local implementations to meet the customer needs in the markets where Santander operates.
SWIFT chief executive for Americas & UK Javier Pérez-Tasso said: “Santander’s go-live on gpi marks an important milestone in the expansion of the service globally.
“The bank’s extensive network of clients can now benefit from fast, traceable and transparent cross-border payments – speeding up their supply chains and reducing risk.