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Increased speed for international payments

This week SEB’s Swedish operations was enrolled in SWIFT gpi, a new, global payment service that will lead to faster speed, greater transparency and better tracking of cross-border payments. This will be achieved without requiring customers to change their routines or make any IT adjustments.

Almost half of SWIFT gpi payments are credited within 30 minutes – and over 90 per cent within 24 hours. The service enables end-clients to track the status of their payments from end-to-end, and provides a greater level of visibility into each payment than before – including information about each bank in the payment chain and any fees that have been deducted. 

“We have supported the initiative from the beginning, and are really happy to be live. SWIFT gpi improves the payment process that clients use today and we will support over 40 currencies on this platform. The focus going forward is to explore new opportunities that SWIFT gpi gives. With everything going on in the payment landscape we need to deliver continuous improvements to keep abreast of developments and enhance the customer experience,” says Paula Da Silva, head of Transaction Services at SEB.

SEB will implement the service in the other countries where the bank is active during the coming autumn.

To date, over 180 financial institutions around the world are committed to gpi, and more than 60 are live on the service. Over 100 billion dollars in SWIFT gpi payments are being sent daily across 450 international payment corridors – representing a quarter of all SWIFT payments.

SWIFT is a global provider global provider of secure financial messaging services. It is based in Belgium and is owned by large number of financial institutions that are also SWIFT members.