ONPEX enables payments with SWIFT gpi cross-border transaction standard

Monday 15 October 2018 14:34 CET | News

ONPEX, a provider of multi-currency IBAN accounts, has partnered with SWIFT to offer its clients instant access to SWIFT’s global payments innovation (gpi).

The collaboration enables ONPEX clients to send and receive funds more quickly to anyone, anywhere with end-to-end tracking.

The collaboration between ONPEX and SWIFT allows clients to experience payments visibility, while remittance data remains unaltered. With SWIFT gpi-driven payments, payment account users will be able to see what fees and FX rates are being applied during the transaction process when sending and receiving cross-border transfers.

The global transaction standard helps businesses shorten their supply cycles and reduce exposure to FX risks while improving cash forecasting and optimising liquidity. More than USD 100 billion of payments are already being sent this way every day. Banks, corporates and market infrastructures are leading the way in making SWIFT gpi the preferred standard for all cross-border payments by the end of 2020.

Businesses and regulated institutions working with ONPEX can now use SWIFT gpi to pay for international goods and services, benefitting from a real-time, end-to-end view of cross-border payments activity. Users will also receive confirmation when money reaches the recipient’s account. Nearly half of all SWIFT gpi payments are credited within 30 minutes and many take place in seconds.

As a SWIFT gpi member, ONPEX and its customers will gain access to SWIFT gpi’s directory. Every gpi member bank is automatically listed in the directory, providing an end-to-end path finding for gpi payments.

As part of gpi, SWIFT has a new service level agreement (SLA) rulebook. This will give ONPEX the opportunity for upgraded business practices and ollaborations. While working with other banks in the network, ONPEX can help pinpoint areas of improvement in the SLA.

For more information about ONPEX, please check out a detailed profile of this company in our dedicated, industry-specific online company database.

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Keywords: ONPEX, SWIFT, cross-border transaction, payments , FX , gpi
Countries: World