SWIFT gpi service for payment tracking now free of charge!
SWIFT is now offering the gpi for Corporates (g4c) service free of charge to companies connected to the SWIFT network.
Reminder: what is the gpi for Corporates service?
The SWIFT gpi (global payments innovation) service was launched in 2017 with the Pay & Trace functionality to allow corporates to track their cross-border payments from order origination to receipt. They can thus know at any time the status of their payments sent in Allmybanks as well as the routing details: bank fees, exchange rates applied by each bank, confirmation of the credit in the beneficiary’s account, etc.
Since 2020, SWIFT also offers the Inbound payments tracking feature to track incoming transactions. Therefore, you receive notifications in Allmybanks as soon as a transfer is initiated to your bank account and for any update of the payment status. These notifications, in real time, indicate the details of the order and its routing: sender, amount, fees applied, delay, etc.
To benefit from these functionalities, your banks must subscribe to the SWIFT gpi solution. They are the ones who undertake to inform you of the processing of your payment orders. Today, more than 4,200 financial institutions are members of gpi.
If you already subscribe to the gpi service with SWIFT, you don’t need to do anything. The rate change is applied automatically.
If you want to subscribe to SWIFT, just activate the g4c (gpi for Corporates) service on SWIFT.com and choose the “Self-service onboarding” option. Exalog will help you set up the gpi service in Allmybanks. You will also need to sign up for this service with your banks.
With SWIFT gpi, the traceability of your cross-border payment flows is facilitated: whether you are at the origin or waiting for a payment, you have complete visibility on the status of your transactions. What are you waiting for to subscribe?