iBanFirst is now part of the pilot service “SWIFT gpi” (which stands for “global payments innovation”), recently launched by SWIFT. The goal of this initiative is to achieve increased speed and transparency in the area of international payments.
How does it work?
The faster and more transparent your international payment is, the better. However, even nowadays, while the ability to check when you last issued a payment is commonplace, banking customers benefit from very little visibility over when it will actually reach their beneficiary. "At iBanFirst, international payments are fast. But due to the operational sluggishness of some intermediary banks, it can sometimes take 3 to 4 days before a payment lands in a beneficiary's bank account. There is a real need for modernisation on this front," says Bertrand Godin, payments expert and Middle Office Manager at iBanFirst.
Increased speed and transparency
Lack of visibility over when a payment will land in a beneficiary’s account is an observation shared by many others. This motivated SWIFT to launch the SWIFT gpi service in its new pilot form.
Fully integrated into the iBanFirst platform, the initiative both simplifies and optimises customer experience when it comes to international payments.
And it’s really quite simple, allowing you to follow your payments in real time through the SWIFT gpi tracking capability.
Once the beneficiary account is credited, your company receives a notification confirming the settlement.
"This satisfies a demand frequently made by our customers. They want to be able to check the status of their payments, know exactly where payments are and be informed when they arrive at their destination. Through the SWIFT gpi tracker, which uses a simple code linked to the transaction and transmitted by the banks involved, the system can tell us where your payment is at all times." - Bertrand Godin
Beyond simply being informed of where they are, international payments are made extremely quickly. With the SWIFT gpi service, you can secure your international money transfers all in the same day, with 50% of payments credited within 30 minutes and 100% credited within 24 hours.
iBanFirst tests out SWIFT gpi
The SWIFT gpi pilot is already in use by nearly 150 financial institutions around the world and iBanFirst is among the first players in the sector to have joined the initiative.
For Bertrand Godin, it’s something of a no-brainer for iBanFirst:
"We want to be at the forefront of innovation in everything we do, and by integrating this pilot project, we are among the first to offer this innovative service to our customers.
In general, we monitor all initiatives that aim to make international payments faster, easier and cheaper for our customers."
Pierre-Antoine Dusoulier, CEO and Founder of iBanFirst, added:
"International fund transfers are complex and our primary objective is to simplify and continuously improve the customer experience.
Integrating innovative solutions like SWIFT gpi into our platform allows us to support our customers in their strategy of managing cash flow and supply chain concerns, giving them the chance to free up time in their schedules and grow their core business."
The figures relating to the SWIFT gpi pilot speak for themselves. More than a hundred thousand transactions are already being made through the initiative each and every day, with figures reaching over 100 billion dollars. No less than 220 country corridors are currently available, as new ones open daily. Alone, China and the United States account for 25% of the international payment transfers made via SWIFT gpi.