International payments: valantic implements SWIFT gpi

The fast and secure standard allows for transparent international payment tracking

Frankfurt am Main / Magdeburg, 22 September 2020 – The new SWIFT gpi (global payments innovation) standard regulates international payment transactions. Since 2018, more than 200 banks work with SWIFT gpi and the payment volume is constantly increasing: 40 trillion US dollars have been transferred in 2018; in 2019 this number has already increased to 77 trillion US dollars. gpi plays an important role in both the processing of SWIFT payments as well as downstream processes. valantic Financial Services Automation now also implements the new standard in FinCase for Investigations, the proven software solution for investigations and payment tracking across correspondent banks. For this purpose, the software is consistent with the SWIFT rulebooks and enables banks to simply realise and investigate non-SEPA payments. “Based on our experience, we estimate at least four per cent of all international payments to cause demands, corrections or complaints. This trend is growing due to the constantly increasing trading volume. SWIFT gpi means decisive progress and is integrated via a SWIFT gpi tracker in FinCase. Like this, a central monitoring as well as end-to-end references are possible,“ said Dirk Vesper, VP Product Management at valantic. 

Full solution for processing SWIFT gpi exceptions  

SWIFT gpi was developed with the objective to accelerate international payment transactions. The previously existing processes had not only been time-consuming and expensive but also non-transparent and without central monitoring to follow the money trail. With SWIFT gpi, payments across the globe can be transferred to the beneficiary bank within only one business day – independent of the involved correspondent banks. By adding SWIFT gpi, FinCase for Investigations is now a full solution for processing exceptions from different sources, including SWIFT, e-mail and fax as well as the use of open gateways or APIs to third-party applications (for e.g. nostro reconciliation, money laundering or e-banking). A central electronic investigation case is crucial and optimised for the processing, managing and analysing of demands to financial transactions. FinCase also supports the different services which are subdivided into SWIFT gpi, for example, the gpi service for stop & recall payments (gSRP). In case of an exception, the current payment status can easily be tracked and changes or recalls can be carried out with only a few mouse clicks.  

Customers benefit from digitisation 

Bank customers also benefit from SWIFT gpi as a quick payment processing and a secure end-to-end tracking can be guaranteed leading to a significantly more efficient processing of exceptions. Payment recalls thus take considerably less time as the digital processes do not require any manual work. “This structure perfectly matches FinCase and is in line with the previous process models which can now be mapped for worldwide payments – SEPA and non-SEPA – in a uniform way. And generally spoken, SWIFT gpi is one of the most promising future services within the global banking industry,” continued Dirk Vesper from valantic.