Rutland FX is committed to offering best-in-class cross-border payment services, and at the forefront of this commitment is SWIFT GPI (Global Payments Innovation). In this article, we will explore what SWIFT GPI is, how it enhances the payment process, and why it has become the new standard for cross-border transactions.
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What is SWIFT GPI?
SWIFT GPI, or Global Payments Innovation, is an advanced payment service launched in 2017 by the Society for Worldwide Interbank Financial Telecommunication (SWIFT). It enhances the traditional SWIFT network by offering fast, more transparent, and traceable cross-border payments.
With the roll-out of SWIFT GPI, a Unique End-to-End Transaction Reference (UETR) number is now allocated to each payment. This UETR acts like a tracking number, allowing payments to be automatically tracked in real time. This means that both the sender and recipient can monitor the status of the transaction at any point along its journey, providing unprecedented transparency and speed.
How Fast is SWIFT GPI?
SWIFT GPI has set a new benchmark for payment processing times in international payments. By analysing recent industry statistics alongside data from our own SWIFT GPI-enabled transactions at Rutland FX, the impact of this innovation becomes even more apparent:
- Nearly 50% of SWIFT GPI payments are credited to the beneficiary within 30 minutes. This rapid processing time represents a significant leap forward, particularly when compared to traditional SWIFT payments, which could take several days to complete.
- Over 90% of payments are credited within 24 hours. This statistic highlights how SWIFT GPI ensures that the majority of cross-border transactions are settled within a single business day, greatly enhancing the efficiency of international trade and finance.
- Same-day settlement is achieved for nearly all transactions across time zones. This feature is especially beneficial for businesses operating globally, as it reduces delays and facilitates smoother cash flow management.
By combining industry-wide data with our own payment processing insights, it’s clear that SWIFT GPI is revolutionising the speed of cross-border payments. This makes it an essential tool for businesses and individuals who need their funds to move quickly and efficiently across borders.
Making SWIFT GPI-Enabled Payments with Rutland FX
When you select the “Priority Payment” option on our platform, your payment will automatically default to SWIFT GPI if it is available. This integration of SWIFT GPI into our system ensures that your international transactions are not only fast but also fully traceable.
Once your payment is instructed and dispatched, you will have the ability to track its progress directly within the Rutland FX platform. This real-time tracking allows you to monitor the payment journey from start to finish, providing you with visibility over every step of the process. You can see when the payment is credited to the beneficiary’s account and any correspondent bank deductions that were taken along the way.
Why Does My Payment Still Say “Processing”?
If your payment status shows as “Processing” within the SWIFT Payment Tracking system, it means that final confirmation from the beneficiary bank has not yet been received. This could be due to a few reasons:
- The payment has not yet been credited to the beneficiary’s account.
- The beneficiary bank has not reported back to the SWIFT network that the payment has been received.
It’s important to note that within your Rutland FX account, a payment marked as ‘Completed’ means that the money has been dispatched, but it does not necessarily indicate that the funds have been credited to the beneficiary. SWIFT Payment Tracking allows you to monitor this final step.
Are All Payment Events Reported?
While SWIFT GPI enables comprehensive tracking of payments through the assignment of a Unique End-to-End Transaction Reference (UETR) number, not all banks worldwide are SWIFT GPI-enabled. This means that in some cases, payment tracking data may be incomplete. However, as SWIFT GPI continues to grow, more banks are adopting the system, which will further enhance the ability to track payments from start to finish.
What Is Universal Confirmation?
In November 2020, SWIFT mandated Universal Confirmations for all its members. This requires SWIFT members to confirm when a payment (MT 103) has been credited to the beneficiary’s account, placed on hold, or transferred outside of the SWIFT network. Universal Confirmations have significantly improved tracking visibility, ensuring that senders have clear confirmation when their funds have reached the intended recipient. This development marks another step towards greater transparency and reliability in the global payments landscape.
Still not Sure?
If you are still unsure or have any further questions, please call us on 0203 026 0112 or request a callback below to discuss your requirements.