News

Santander goes live with SWIFT gpi

Monday 15 October 2018 14:31 CET | News

The retail and commercial bank Santander has gone live on SWIFT’s global payments innovation (gpi) service in Spain, the UK, Argentina, and Poland.

It will go live in Chile and Mexico before the end of 2018, with further countries planned for 2019.

With SWIFT gpi, Santander can now offer a rapid cross-border payments service – with real-time payments tracking and transparency on bank fees and foreign exchange rates.

Nearly half of gpi payments are credited within 30 minutes, many within seconds – and almost 100% within 24 hours. The service also enables end-clients to track the status of their payments from end-to-end, and provides an unprecedented level of visibility into each payment – including information about each bank in the payment chain and any fees that have been deducted.

Since the launch of SWIFT gpi in 2017, Santander and SWIFT have worked closely on a global project with local implementations geared to the requirements of customers in each of the geographies in which Santander is present.

To date, more than 270 financial institutions around the world have signed up to SWIFT gpi, with over USD 100 billion in SWIFT gpi payments being sent daily across 600+ country corridors.


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Santander, SWIFT gpi, payments, cross-border payments
Categories:
Countries: World





Industry Events