Swift's faster cross-border initiative gains vital fintech support
Ebury is the first financial technology company to launch Swift's Global Payments Innovation service.
Ebury joins a network of banks in supporting GPI, which is designed to facilitate faster payments. About half of GPI payments are credited within 30 minutes and many within seconds, according to Swift, which adds almost 100% of GPI payments are credited within 24 hours, which should give Ebury’s customers a faster international payments experience.
Ebury clients should also be able to have greater transparency into fees and end-to-end payments tracking through GPI.
Mark Hewlett, wholesale banking relationship director at Ebury, said in a press release: “We have been excited about GPI since the beginning and immediately recognised how it could help improve our value proposition to businesses trading internationally, in particular our NGO and SME customers. It has the additional benefit of improving our own operations; with GPI, our payment confirmations to beneficiaries are showing within minutes, sometimes seconds. We are incredibly pleased to confirm we are now live after going through testing.”
Earlier this year, Ebury connected directly with the U.K.’s Faster Payments Scheme to provide faster domestic payments to its clients.