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GPI Instant

GPI Instant is a service by SWIFT which enables consumers and businesses to make payments in seconds across borders, around the clock via their financial institutions.

It combines gpi (global payments innovation) with domestic instant payments to make instant cross border payments.

Lloyd's banking group in the UK was the first to adapt this service and in India ICICI bank became the second bank globally to tie up with SWIFT for GPI Instant service. 

ICICI Bank has enabled its systems to process the payments message coming via ‘SWIFT gpi Instant’ and further remit it instantly to any bank account in India using the IMPS (Immediate Payment Service) for personal remittances up to Rs. 2 lakhs coming into India provided that the bank is enabled to receive foreign remittance via IMPS.

Now let's see some of the latest pre and post transactional services offered by SWIFT.

Payment Pre-validation

Incorrect or missing information about the beneficiary when a payment is initiated is a major cause of delays or rejects in payments. That's where the payment pre-validation service comes to use. 

It allows a sending bank to confirm account details, via an API  with the receiving bank from the very beginning of the process so that any data or account problems can be identified and corrected before the payment is sent. 

API or Application Programing Interface is a software intermediary which allows two different programs to talk with each other. 

Initiating banks will be able to verify if the data in their payment instructions is correct – and matches the specific requirements at the destination country – before their transactions are initiated. This will allow banks to remedy any inaccurate or missing information instantly, reducing delays and costs.

Case Resolution

Many times in international payments, there are country, currency and regulatory-specific payment obligations to meet, particular formatting to take into account and the possible need for human intervention due to omissions or errors. This can result in a payment being held for further investigation and banks need to make queries before further processing can be done. This usually causes considerable delays in payment.

Swift’s case resolution service uses the gpi tracker to follow enquiry requests anywhere in the transaction journey and record related interbank communications in an audit trail. This innovative service significantly shortens resolution times, smartly routing enquiry requests to the right agent to ensure a timely follow-up.

Stop and Recall

Swift’s stop and recall service is a game changer for detected frauds or erroneous payments. This service harnesses the power of the SWIFT gpi Tracker to enable you to rapidly halt payments and recall funds to the sender. 

When you suspect a payment has been made in error or may be fraudulent, you can send a stop and recall request to the Tracker. An in-flight transaction will automatically be stopped via the network, preventing any further processing. After stopping the payment, the institution can re-route the funds back to you before it’s too late.

These are few of the latest developments in swift as it is changing rapidly to adapt to the growing demands of the finance industry.

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