What is it?
'Global Payment Initiative', also known by the acronym gpi, is the latest initiative launched by SWIFT to improve the customer-bank experience in the world of international payments.
Banking Circle will be confirming receipt of a payment back to SWIFT GPI BIC via MT199, therefore letting any GPI member linked to the payment know the status.
How will this help our Clients and their Customers?
Clients will know that any incoming or outgoing funds via SWIFT can be tracked, as each party in the payment trail has to confirm receipt back to the sending bank. This will reduce your clients payment queries, as the beneficiary will have upfront capability to track funds.
Tell me how this confirmation works?
On the back of each MT103 received, Banking Circle will send a free text SWIFT called a MT199. This must be sent within 2 days of receipt of the funds to BC.
The confirmation will include the following:
- status originator BIC
- date/time of either the credit to the beneficiary account, or rejection
Will Banking Circle be using SWIFT GPI?
Banking Circle are not SWIFT GPI enabled, but will be conforming to the Universal Confirmations requirements via a traditional MT199 to the SWIFT GPI BIC vs interacting with the GPI system.
A client can have access to a paid membership of GPI corporate, where they can view all their SWIFT instruction status.