“Bottomline (NASDAQ:EPAY), a leading provider of financial technology that makes business payments simple, smart and secure, today announced the latest API-based payments tracking service for banks worldwide, integrating SWIFT gpi data. The gpi data is captured on behalf of Bottomline clients and is integrated into their payments workflow, which simplifies and unifies the API access points.”

“Oracle Banking Payments is supporting SWIFT’s latest service to make global cross-border payments fast, easy, predictable, and frictionless for small and medium enterprises (SME) and consumer markets…As banks are managing their ISO 20022 migrations and implementing new services within the gpi program, Oracle aims to lower the total cost of ownership and ease customers’ transition by investing in its solutions and supporting key industry initiatives. With Oracle Banking Payments’ built-in integration with the new SWIFT service, banks will be able to minimize disruption to customers’ existing technology infrastructure to meet dynamic cross-border payment needs and lower the total cost of ownership.”

“Bank of China, Bank of New York Mellon, BNP Paribas, Citi, Deutsche Bank, and Standard Chartered confirmed their preparations for the platform as the co-operative detailed an ambitious roadmap it will roll out over the next 18 months. New features – including upfront validation of beneficiary details, central management of exceptions, extension of SWIFT’s high-speed gpi rails to lower-value payments and new rich data services based on the ISO 20022 standard – will serve as the building blocks of the enhanced platform. These are integral components of SWIFT’s strategy to facilitate instant and frictionless end-to-end transactions anywhere in the world.”

“SWIFT’s KYC Registry will become the first global utility to integrate the International Chamber of Commerce’s (ICC) Sustainable Trade Finance Guidelines, making it easier for financial institutions to identify environmental, social and governance (ESG) risks in their supply chains. By integrating the ICC’s Sustainable Trade Finance Guidelines into the KYC Registry , which has more than 6,000 users, financial institutions will benefit from enhanced transparency and will be able to assess the sustainability of their customers’ trade business more accurately.”

“Since the moment that SWIFT (Society for Worldwide Interbank Financial Telecommunication) launched its global payment initiative SWIFT gpi , BBVA was one of the first ten banks in the world to join . Since then, the bank has remained firmly committed to this new standard for interbank payments. Some of its benefits include greater speed, transparency, tracking from start to finish and access to additional information on the transfers.”

“Being the first US bank to offer gpi case resolution to their clients, BNY Mellon is leading the way in automating payment processes, reducing the costs and time associated with managing payment inquiries. This solution will vastly improve the time to resolve an inquiry, ensuring invoices are paid on time, reducing fraud, and better meeting client expectations. Ultimately, creating straight-through processing for inquiries has been long overdue and will eventually become the global standard.”

“SWIFT today announces a major milestone in the take-up of gpi with more than $40trn transferred over the service in 2018. Rapid adoption saw the share of cross-border messages using gpi soar from 15% at the start of 2018, to 56% by the end of the year, a year-on-year increase of 270%. More than 3,500 banks, accounting for 85% of SWIFT’s total payments traffic, have committed to adopting gpi, evidencing how the service has achieved the near total transformation of the cross-border payments landscape just two years since launch.”

“Financial messaging network Swift is to give member banks deeper insights into their cross-border payment flows with the release of a ‘Business Intelligence gpi Observer Analytics’ tool. The dashboard monitors the progress of gpi payments crossing the network at country, country corridor, and currency level, providing banks with the opportunity to optimise payment routings and benchmark their performance against other participants.”

“SWIFT is to introduce a pre-validation service that will allow customers to detect and resolve errors that delay payment messages before they are dispatched and enable banks to give upfront fee transparency to their end customers.”

“UK-based Ebury has become the first fintech to be a full and active participant on gpi, Swift’s cross-border payments scheme. The move has been hailed as “an important milestone” by Swift which is looking to encourage new non-bank entrants to join the traditional banks already on the service.”

“SWIFT’s global payments innovation, launched just 15 months ago, now represents 25% of all SWIFT cross border payment traffic, according to the latest data. SWIFT gpi, the most transformational change in cross-border payments in 30 years, dramatically enhances the customer experience by increasing the speed, transparency and end-to-end tracking capability of payments. It is set to be the standard for all cross-border payments made on the SWIFT network by the end of 2020.”

“A year after the first banks went live with Swift’s gpi, the service has been adopted by more than 150 financial institutions around the world, according to figures released by the global transaction network today. More than US$100bn worth of payments are being sent via gpi messages every day, across 220 international payment corridors, representing roughly 10% of Swift’s cross-border payments traffic.”