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HSBC goes live with SWIFT’s global payments innovation service

SWIFT gpi will enable HSBC to increase the speed, transparency and traceability of cross-border payments for its clients.

HSBC, one of the world’s largest banks, has joined SWIFT‘s global payments innovation (gpi) service.

To date, 160 financial institutions around the world are committed to SWIFT gp, with nearly 50 live on the service.

SWIFT gpi dramatically increases the speed, transparency and traceability of cross-border payments for users, allowing banks to credit payments to end beneficiaries within minutes, many within seconds.

Overall, nearly 50% of SWIFT gpi payments are credited within 30 minutes and over 90% of payments within 24 hours. Those that take longer do so for a clear, known reason – such as extra compliance checks, complex foreign exchange conversions, or regulatory authorisations.

SWIFT gpi enables banks’ customers to track the status of a payment in real-time and provides an unprecedented level of visibility into each payment, including information about each bank in its path and any fees that have been deducted.

The innovative, cloud-based, tracker ensures both counterparties receive confirmation in real-time when the supplier or beneficiary is credited. SWIFT gpi also promises same day use of funds, delivering speed, certainty and predictability to its clients.

More than USD 100 billion in SWIFT gpi messages are being sent daily across 350 international payment corridors, representing nearly 10% of SWIFT’s cross border payment traffic.

Diane S. Reyes, Group General Manager and Head of Global Liquidity and Cash Management at HSBC said: “SWIFT continues to focus on delivering value to its members and the clients they serve. The organisation’s ability to develop new services and functionality helps its members support the needs of their clients and prepares them for the opportunities and challenges of the future.”

Tom Halpin, Global Head of Payment Products, Global Liquidity & Cash Management at HSBC comments: “We are always looking to offer our clients the benefits of increased speed, transparency, security and traceability which have become vital requirements for any business that relies on making or receiving international payments. We remain committed to exceptional client service in the payments space.”

Stephen Grainger, Head of UK, Ireland and Nordics at SWIFT said: “Having yet another of the world’s largest banking and financial organisations go live with SWIFT gpi is a testament to the service, which is quickly becoming the gold standard for international payments. We have seen a rapid surge in both adoption rates and the number of transactions on SWIFT gpi and continue to add new banks and country corridors almost daily as we expand our coverage across institutions, markets and geographies.”

About SWIFT gpi
The SWIFT global payments innovation (SWIFT gpi) is the largest change in cross-border payments over the last 30 years and is the new standard. SWIFT gpi dramatically improves the customer experience in cross-border payments by increasing their speed, transparency and end-to-end tracking. Hundreds of thousands of cross-border payments are today being sent using the new gpi standard, and payments are made quickly, typically within minutes, even seconds.

SWIFT gpi allows corporates to receive an enhanced payments service from their banks, with the following key features:

  • Faster, same day use of funds within the time zone of the receiving gpi member
  • Transparency of fees
  • End-to-end payments tracking
  • Remittance information transferred unaltered

As an initiative, SWIFT gpi engages the global banking industry and fintech communities to innovate in the area of cross-border payments while reducing their back-office costs. Since its launch in January 2017, gpi has dramatically improved the cross-border payments experience for corporates in over 200 country corridors. Key features of the gpi service include enhanced business rules and a secure tracking database in the cloud accessible via APIs. Thanks to SWIFT gpi, corporates can grow their international business, improve supplier relationships, and achieve greater treasury efficiencies.

SWIFT is a global member owned cooperative and the world’s leading provider of secure financial messaging services. We provide our community with a platform for messaging and standards for communicating, and we offer products and services to facilitate access and integration, identification, analysis and regulatory compliance.

Our messaging platform, products and services connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories. While SWIFT does not hold funds or manage accounts on behalf of customers, we enable our global community of users to communicate securely, exchanging standardised financial messages in a reliable way, thereby supporting global and local financial flows, as well as trade and commerce all around the world.

As their trusted provider, we relentlessly pursue operational excellence; we support our community in addressing cyber threats; and we continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies. Our products and services support our community’s access and integration, business intelligence, reference data and financial crime compliance needs. SWIFT also brings the financial community together – at global, regional and local levels – to shape market practice, define standards and debate issues of mutual interest or concern.

Headquartered in Belgium, SWIFT’s international governance and oversight reinforces the neutral, global character of its cooperative structure. SWIFT’s global office network ensures an active presence in all the major financial centres.

About HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 3,900 offices in 67 countries and territories in Europe, Asia, North and Latin America, and the Middle East and North Africa. With assets of US$2,522bn at 31 December 2017, HSBC is one of the world’s largest banking and financial services organisations.


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