Six Spanish banks sign up for gpi cross-border payments
Half a dozen banks in Spain have adopted the Swift global payments innovation (gpi) with a view to increasing speed, transparency and tracking, reports Jane Connolly.
The banks – Banco Sabadell, Banco Santander, Bankinter, BBVA, Caixabank and Grupo Cooperativo Cajamar – account for 85% of Spain’s cross-border payments.
Described as the most significant development in cross-border payments in the last 30 years, Swift gpi claims to have transferred more than $40 trillion in 2018. More than 3,500 banks have committed to adopting gpi.
The company says that the new standard offers drastically increased levels of speed, transparency, traceability and reconciliation, leading to better treasury forecasting and predictability and fewer payment enquiries.
“Swift gpi is the new norm for cross-border payments, delivering on the expectations of both the banks and their customers,” says Juan Carlos Botrán, head of Swift Iberia.
“We look forward to launching a series of new functionalities, including pre-validation and case resolution, and to announcing the results of our proof of concept work linking Swift gpi to e-commerce and instant payment platforms.”
Representatives of the six Spanish banks say that adopting gpi will allow them to provide a superior service in the management of international payments.