SWIFT partners with Central Cooperative Bank in Bulgaria

Friday 23 November 2018 14:25 CET | News

Swift has announced that Central Cooperative Bank in Bulgaria is choosing its gpi (global payments innovation) service.

It’s the first bank in the country to provide its customers with this cross-border service, with real-time payments tracking on bank fees and foreign exchange rates.

Gpi went live in February 2017. According to Swift, 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 visibility – including information about each bank in the payment chain and any fees that have been deducted.

To date, Swift says more than 300 financial institutions around the world have signed up to gpi, with more than USD 110 billion in gpi payments being sent daily across 800+ international corridors.

In other recent news, Swift India and MonetaGo teamed up for a pilot programme offering payments and banking on blockchain.

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Keywords: Central Cooperative Bank, Bulgaria, SWIFT, gpi, payments
Countries: World

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