Banco Brandesco first bank in Brazil to join Swift gpi
Brazil bank Banco Brandesco has joined Swift’s global payment innovation (gpi), becoming the first bank in the country to do so.
According to Swift, gpi increases the speed, transparency and traceability of cross-border payments. The bank says that by joining the initiative it hopes to increase its competitiveness and efficiency in cross-border payments service.
“The rapid widespread adoption and use of Swift gpi has been driven by demand for a faster, more transparent cross-border payments service,” says the supplier.
The network already has over 165 banks, with over 80% of the Swift’s cross-border payments traffic since its launch last year. The company reports that 50% of gpi payments are completed and credited to end beneficiaries’ accounts in less than 30 minutes, many within seconds.
With more than $100 billion a day now flowing securely over gpi, it is rapidly becoming the new cross-border standard, Swift states, helping to generate up to 50% reduction in enquiry costs.