SWIFT Global Payments Innovation (GPI)
SWIFT GPI – the new global payment standard – provides fast and transparent cross-border payment services with end-to-end tracking.
We are the first cantonal bank and only the fifth bank in Switzerland to join SWIFT GPI – an innovative service that will greatly improve your cross-border payment experience. We plan to roll out the service starting in 2020.
SWIFT GPI will meet your needs for speed, traceability, and transparency when making international payments.
- 50% of payments are credited in under 30 minutes.
- Our tracker service provides end-to-end visibility on the status of your transactions, right up to the confirmation that funds have been credited.
- Payment data will remain unaltered throughout the process.
- You can cancel a payment if you notice an error or suspect fraud.
- Fast payment processing makes it easier for you to manage your cash flow.
- All bank fees and forex rates are fully transparent.
You can enjoy the benefits of this service only if all banks involved in your transaction have joined GPI. So far, around one hundred banks have signed up, accounting for over 80% of global payments.
GPI covers all international payments except of SEPA transfers (i.e., transactions in EUR within Europe).
Your payment will be given a reference number that will remain the same throughout processing. This makes payments fully traceable from end to end.
A list of the bank fees charged at each stage of the payment process be viewed at any time. GPI banks can also opt to display the forex rates applied.
Invoice numbers and any other messages and payment information are kept throughout processing, until the payment is credited.
If a beneficiary’s bank is also a GPI bank, it will send a notice to the tracker service so that you get confirmation automatically as soon as funds are credited.