Improving the Correspondent Banking experience
SWIFT confirms that global transaction banks are actively using the financial messaging services provider’s new global payments innovation (gpi) service, which opened for live payments in January.
ABN AMRO, Bank of China, BBVA, Citi, Danske Bank, DBS Bank, Industrial and Commercial Bank of China, ING Bank, Intesa Sanpaolo, Nordea Bank, Standard Chartered Bank and UniCredit are live with SWIFT gpi, exchanging gpi payments across 60 country corridors. Numerous additional banks will follow in the coming months.
The cloud tracking that SWIFT’s gpi operates, adds an early notification of the payment processing status, so that the bank that initiated the payment gets additional information on what is happening further down the chain. It’s like tracking your DHL pack and knowing whether it sits in the end-to-end delivery chain.
Once banks get such additional information via API or MT 999, they need to process those notifications locally in order to report it to corporate clients via various channels. This is where the INTIX functionality is complementing SWIFT’s gpi. The INTIX Message Suite will pro-actively monitor payment flows and provide a continuous view on processing and foreseeable events. This is why SWIFT’s gpi and the INTIX Message Suite are complementary.
In addition, the INTIX Message Suite will track and provide analytics on all types of payments including those SWIFT payments not sent over SWIFT as well as non-SWIFT payments such as domestic payments and real-time payments.