What are the key features and advantages of using SWIFT gpi for cross-border payments?

SWIFT gpi (Global Payments Innovation) is transforming cross-border payments by introducing faster speeds, transparency, and predictability. Here are its key features and advantages: Speed: Credit international beneficiaries within seconds or minutes, enhancing payment efficiency1. Facilitates real-time fund transfers, reducing delays. End-to-End Tracking: Track payments from initiation to receipt in real time. Provides visibility and assurance throughout the payment journey. Fee and FX Transparency: Clearly displays bank fees and applied foreign exchange rates. Helps businesses make informed decisions.

SWIFT gpi is built upon four foundational goals: 1- Accelerating Payments: Establishing protocols to speed up international transactions. 2- Tracking with Precision: Implementing the Unique End-to-End Transaction Reference (UETR) to allow for the real-time tracing of payments. 3- Fee Clarity: Requiring member banks to disclose all charges and processing fees fully. 4- Data Integrity: Ensuring the consistency and accuracy of transaction-related data throughout the payment lifecycle.

The goal of swift GPI is to make international payments more secure, transparent, and frictionless; therefore, it comes with a number of features and integrates some services that you need to know about for complete planning (see next points).

The GPI tracker makes it possible to connect and check the status of payments in progress or those already made. This feature makes possible a simplified management of payment recalls and, consequently, ensures a reduction in errors and greater security of payments by making the information needed for this management immediately available. GPI integrates some very useful services, for example: - Pre-validation, a useful service to minimize transaction failures; this is possible through a correctness check before the transaction is sent. - Case resolution, a service for handling instances between banks, useful, for example, when payment is incorrect or lost. Case resolution also offers simplified management of queries between banks.

Tracking transactions through the UETR helps corporates reduce complexity in managing treasuries, as it makes it easy to know the status of payments. In addition, the transaction execution time is very fast as most payments are completed within the same day, which makes cash flow more efficient. These aspects lead Corporates to be able to ensure/take advantage of better supply management and ultimately optimize their internal processes. Banks can provide their corporate customers with better services, leading to better customer retention and attraction. The security provided by GPI's services and the ease of recalling transactions improves the operations of corporates and banks and enables them to reduce losses from suffering fraud.