First FinTech goes live with SWIFT gpi
Written by Peter Walker
Ebury has become the first FinTech to go live with SWIFT’s global payments innovation (gpi).
The UK-based firm got on board to help its clients fast-track their international payments. Half of gpi payments are credited within 30 minutes, many within seconds – and almost 100 per cent within 24 hours.
The service also enables the company’s end-clients to monitor and track their payments globally in real-time, including information about the banks involved in the payment chain and any fees deducted.
Mark Hewlett, wholesale banking relationship director at Ebury, said he recognised how gpi could help businesses trading internationally, in particular our NGO and SME customers.
“It has the additional benefit of improving our own operations; with gpi, our payment confirmations to beneficiaries are showing within minutes, sometimes seconds,” he added.
Ebury also became the first FinTech to directly participate in the Faster Payments Scheme in the UK in March.
Harry Newman, head of banking at SWIFT, said: “It’s clear that the benefits of gpi are being recognised not just by the global banks and corporates who are already using it, but now FinTechs.”
To date, over 200 financial institutions around the world are signed up to SWIFT gpi, with over $100 billion in SWIFT gpi payments being sent daily across more than 500 international payment corridors – representing over a third of all SWIFT payments.
Following the SWIFT community’s recent decision to move ahead with global gpi adoption, it will be the standard for all cross-border payments by the end of 2020.