Here at WorldFirst, we are continually working to make international payments faster, easier, cheaper and safer. That is why we are really excited to announce that we’ve started making payments using SWIFT gpi.
The SWIFT global payments innovation (gpi) enables secure information to be processed and transmitted from one financial institution to another. Today, over 200 financial institutions worldwide are using the service to make hundreds of thousands of international payments every day.
We’re delighted that WorldFirst customers will now be amongst those to benefit from even faster payments with SWIFT gpi. Nearly half of gpi payments are currently credited within just 30 minutes – almost 100% within 24 hours – and the majority of international beneficiaries are credited in seconds.
Through SWIFT gpi, a complete breakdown of all costs involved in the payment is provided. It is possible to see where costs have been incurred at each stage of the payment’s journey as well as the exchange-rate cost of the transfer.
Thanks to unique tracking codes, it is possible to live-track the payment as it is processed by each financial institution involved in the process.
Jabu Henson, Global Head of Operations at WorldFirst, said:
“We’ve been excited about the benefits of SWIFT gpi for a while now and so it’s great that testing has gone well and we are able to roll-out across the WorldFirst network. Not only do we think our customers will see a real difference to the speed of their transfers but we’re confident that they will also welcome the transparency and traceability through the payment process. This is another important step in making the process and experience of international payments better for everyone.”
Cate Kemp, Head of UK, Ireland and Nordics, SWIFT, said:
“We are delighted to see WorldFirst go live on SWIFT gpi. Since joining, WorldFirst have speedily implemented the service and are now delivering the benefits of fast, transparent and traceable gpi payments to their wide-range of customers.”
SWIFT is a global member-owned cooperative and the world’s leading provider of secure financial messaging services. 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 around the world.