The bank will benefit from predictable settlement times (Swift gpi provides tracking information on the status of remittances at all stages) and more visible FX rates and charges applied throughout the payment cycle.

Furthermore, BLOM Bank will soon launch additional services to its clients based on Swift gpi, for example, an ability to stop and recall payments (depending on circumstances).

Meanwhile, the bank will benefit from better tracking tools and processes to speed up the time it takes to solve enquiries as the gpi Tracker enables banks to access the information they need – including payment status, bank fees, payment instruction information, correspondent details, proof of payment – immediately and without depending on counterparties.

There are around 280 banks around the world that are using the gpi service. Another recent additions to the community are Santander, which has gone live on Swift gpi service in Spain, Argentina, Poland and the UK, and Standard Chartered in Germany (in addition to the US and Singapore locations).