Since its launch in 2017, SWIFT gpi has achieved a high level of industry adoption across the globe. This is due to the way that it has helped improve various aspects of international payments.
Financial institutions and businesses that carry out trades can now track international transfers more easily, adding more transparency to other benefits such as increased speed and certainty.
Genome enables business wallet clients to send and receive international transfers using the SWIFT network, offering a broad global reach. You can send and receive payments from over 40 countries. Moreover, we cover a wide range of currencies: USD, GBP, EUR, PLN, CHF, JPY, CAD, CZK, HUF, SEK, AUD, and DKK.
SWIFT transfers through Genome typically take 1 to 3 business days, depending on factors like time zones, currency exchange, weekends, and public holidays. These transfers incur no hidden fees, making the cost structure transparent and predictable for users.
We complement SWIFT with SEPA Instant and Credit Transfers, as well as multi-currency account capabilities for both personal and business users.
Open an account
in Genome online
What is SWIFT gpi?
The SWIFT gpi approach was launched by SWIFT (the Society for Worldwide Interbank Financial Telecommunication) as a way to improve some of the areas that have traditionally been most challenging for cross border payments.
The key areas that have been boosted include speed and the ability to track payments. The SWIFT GPI solution also had to look at improving other areas of international payments, such as fee transparency and the integrity of the data. This has led to a slicker process for cross border transactions that improves the original SWIFT process in several crucial ways.
What is SWIFT gpi semi-automatic?
With SWIFT gpi, financial institutions get the option of manually adding details to the process when making international payments. This is a way for users to add more details, such as specific transfer instructions, to the payment. The semi-automatic process gives more flexibility, without affecting the speed and transparency of these international payments. It can also be used to validate transactions, where necessary.
How SWIFT gpi improves cross‑border payments
To understand how SWIFT gpi has helped improve the process for cross-border financial transactions, we can look at the key areas where it has made global finance easier and smoother.
End-to-end tracking
By using the SWIFT gpi Tracker tool and Unique End-to-End Transaction Reference (UETR), financial institutions and their customers can easily track the transfer from start to finish.
Faster payments
By using the SWIFT gpi process, international transactions are received quickly. Most SWIFT gpi payments are credited within minutes or a few hours, and over 50% are completed in under 30 minutes. Even with a foreign exchange process involved, receiving banks have the funds in no time at all.
Fee and FX transparency
The processing fees provide full visibility into the charges made to complete international payments, meaning that there’s no element of surprise for the person who receives the money. This helps with cash flow management and builds trust among users.
Rich remittance data is maintained intact
The seamless cross-border transactions carried out using SWIFT gpi allow the users to access a set of rich remittance data, such as the foreign exchange amounts and final settlement amount. This boosts operational efficiency by giving banks and other financial institutions the opportunity to see all the important information about each transfer.
Core features and GPI services
The SWIFT gpi service has been a massive success, thanks mainly to the key features that have made it a simple and highly effective way to process cross-border payments. The following features add immediate value to this process for transferring money.
gCCT (Customer Credit Transfer)
Financial institutions that want to migrate to SWIFT gpi need to complete their Customer Credit Transfer subscription before they can place an order. It ensures a smooth transition to this new method of using bank payment processing systems.
gCOV (Cover Service)
The handling and reconciling of these financial transactions is carried out effectively using the gCOV Cover Service. It is a way of making sure that cross-border transactions are seamless even when the two banks involved don’t have any sort of direct relationship. It means that there is less need for manual intervention or liquidity risks.
gSRP (Stop & Recall Payment)
The gSRP service allows the sender to stop a payment before it reaches the destination account. It can be used as a SWIFT gpi stop mechanism in the case of fraud or error. It works immediately, with a payment tracking service using the end transaction reference UETR number to find and stop payments that are in transit. Once the payment has been stopped, the gSRP request will be updated so that the initiating bank gets complete visibility on the process from start to finish.
g4C (gpi for corporates)
Also known as gpi for Corporate, g4C allows companies real-time tracking of their SWIFT transactions. Whether sending or receiving payments, corporate users have end-to-end tracking ability that makes it easy for them to stay ahead of the game and spot potential issues. This type of payment tracking has proven to be invaluable for businesses that need to make or receive numerous transfers daily.
gInstant (Instant International Payments)
The gInstant (Instant International Payments) option ensures that payments over the SWIFT network arrive instantly. gInstant connects SWIFT gpi to domestic instant payment systems, enabling cross-border payments in seconds when both sender and receiver are in participating systems. While not yet universally available, it provides international transfers with near-real-time speed.
gCase (Case resolution) pre‑validation
Up-front SWIFT gpi validation is carried out to make the process smoother and faster. It’s done at the start to make it easier to avoid errors or potential delays during the transfer. Various data sources and APIs are used to complete accurate verification at the start of the payment chain. It means that all SWIFT gpi addresses and account numbers are confirmed in real time at the start of the process.
Open an account
in Genome online
Why banks and corporates adopt SWIFT gpi
There are plenty of reasons why banks and corporate treasurers are making the move to SWIFT gpi for their cross-border payments. The following are some of the key advantages that have helped fuel its use in global finance.
Bank benefits
The reduced operational costs make SWIFT gpi a beneficial approach for the banking system and for customers making payments through it. Banks can use their existing infrastructure and join the SWIFT gpi network effortlessly.
It ensures their SLA adherence by giving unprecedented transparency and speed in the way international transfers are made. Instant processing times and same-day settlement mean that the end beneficiaries don’t need to wait for their funds, and the banks have better liquidity management.
Corporate benefits
For companies that use SWIFT gpi transfers, the speedy invoice reconciliation is a major benefit. It increases supplier trust and reduces the need for payment investigations. Companies that send and receive funds using SWIFT gpi can track their transactions with a greater level of transparency at all times.
SWIFT Go vs. SWIFT gpi
SWIFT Go is an alternative for low-cost cross-border payments. SWIFT Go is built on SWIFT gpi infrastructure but tailored for low-value, cross-border payments. It targets consumers and small businesses, ensuring predictable fees and guaranteed amounts for the beneficiary. While both services offer speed and transparency, SWIFT Go has stricter processing time commitments for its corridors.
The main SWIFT gpi method is suitable for a wide range of businesses and transfer types, and the SWIFT Go transactions are more suitable for consumers and small businesses rather than large B2B transfers.
The process of transferring funds doesn’t vary greatly from SWIFT gpi in terms of speed and transparency. The sender confirms the details and how much is to be received. It is crucial, since SWIFT Go guarantees the principal balance of funds that the beneficiary will receive.
Benefits of using SWIFT gpi for banks and businesses
By looking closely at the SWIFT gpi process, we can see that there are some useful benefits, which can be placed into the following categories for greater clarity.
Faster settlements
The key feature of SWIFT gpi is that it provides a speedy process for financial institutions and their customers. Cross-border transactions are smooth and hassle-free, meaning that banks can quickly confirm that the funds have been sent and received.
Improved customer service and trust
Slicker transactions and the chance to track payments boost the customer service aspect. With full transparency on all transactions, SWIFT gpi also helps to increase the trust among users, who have a clear understanding of where the funds are at all times, thanks to real-time tracking.
Lower investigation costs
The new norm for SWIFT gpi transfers means that there is less need to investigate funds that have gone astray. This means lower investigation costs for businesses and financial institutions. Tied in with the low processing fees for international payments, this makes it a cost-effective approach for businesses to adopt.
Compliance and audit readiness
Audits are among the challenges faced by banks and anyone else who makes cross-border transfers. The SWIFT gpi process makes this far less of a concern, as it includes all the compliance measures necessary to complete payments without any fuss.
Better liquidity planning
When using SWIFT gpi, banks can also benefit from enhanced liquidity management. The speed and transparency of these transfers let them make informed decisions based on the knowledge of when funds will arrive.
Genome offers a wide range of banking services, such as international payments, domestic transfers, and virtual and physical Visa debit cards. You can handle your payments more effectively by signing up with us and taking advantage of our fast transfers and additional services like a dedicated IBAN account and a multi-currency option.
