Hapoalim first bank in Israel to sign up for SWIFT gpi

Thursday 17 January 2019 13:29 CET | News

Bank Hapoalim has signed up for SWIFT’s global payments innovation (gpi), making it the first bank in Israel to join the service.

According to Swift, the deployment of gpi will allow banks to improve the entire process of cross-border payments by decreasing time of transfer, providing real time end-to-end tracking status and offering transparency regarding each bank in the transaction chain and any fees that have been deducted.

SWIFT says hundreds of financial institutions use gpi, including “the world’s 60 biggest banks”. It is now being used to send “hundreds of billions” in payments every day – more than half (55%) of SWIFT’s cross-border traffic.

SWIFT adds that gpi will be the standard for all cross-border payments by the end of 2020.

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Keywords: banking, digital, innovation, payments , Bank HaPoalim, SWIFT, Israel, Middle East
Countries: World