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Aug 03, 2021 | Risk Management

GlobalPay for Financial Institutions (GPFI) is getting smarter

We are thrilled to announce an exciting new feature for our Financial Institutions clients and their customers: they can now access detailed transaction status on wire payments utilising tracking from SWIFT gpi within the GlobalPay for Financial Institutions (GPFI) platform. SWIFT gpi adds greater transparency and improved ease-of-use for understanding the status of a payment within Western Union Business Solutions’ global payment network.

GlobalPay for Financial Institutions

Leveraging SWIFT gpi, an enhancement by SWIFT, the world's leading provider of secure financial messaging services, we have worked to further enhance the transparency of cross border payments made by adding more crucial information about the payment journey to help users work faster and smarter and improve our FI partners’ customers’ experience.

By updating GlobalPay for Financial Institutions (GPFI) platform on behalf of our clients with the SWIFT’s tracker tool, financial institutions can send cross-border payments across the globe with maximised visibility, certainty, and seamless transmission between the SWIFT network and GPFI. It facilitates banks, fintech’s, credit unions and their clients to track their payment flows end-to-end, in real-time.

Scott Johnson, VP, Product Development at Western Union Business Solutions answered a few questions about the release.

“What sort of problems did the team seek to solve for its customers or prospects by adding SWIFT gpi details to GlobalPay for FI?”

“SWIFT gpi (global payments innovation) was launched in 2017 to improve the customer experience for international payments by providing better speed, transparency and tracking of cross-border payments, in response to industry complaints about the uncertainty of payment status and fee deductions.

Pain Points:

• No confirmation of payment receipt.

• No transparency on what fees were taken and by whom.

• Banks were not held to processing SLAs.

• Reference information was often dropped.

• Long and costly process to obtain information.

Integrating SWIFT gpi tracker into GPFI was a natural next step for us to respond our FI clients and their customer needs. It allows the staff and customers of our FI partners to quickly understand if a payment has reached its destination, eliminating the need for calls to our customer support team and the utilisation of tracers through the SWIFT network to understand payment status. Ultimately, international payments should be fast and easy. This helps our FI partners achieve those goals by allowing them to answer their customers questions in real time.”

Scott, can you tell us “What are some of the features and benefits?”

“I see 4 main benefits for our FI clients. First, speed of payment: banks who participate in GPI must adhere to stricter SLAs, which means certain transactions can be credited within 5 minutes. Second, transparency of fees: customers can see which intermediary bank(s) assessed lifting fees along the payment journey. Third, tracking & traceability: our clients now have greater control and visibility to see exactly when the payment arrived in the beneficiary’s account. Finally, remittance information: the reference information is not being dropped or truncated, so the beneficiary will receive more information to help them reconcile the credit to an invoice.”

So “How can our customers use it in their workflows?”

“Financial Institutions can provide their end customers with increased insight and information on international transactions. GPFI users will be able to respond to questions from their customers without contacting WUBS, reducing delays in investigations. By providing total visibility and control throughout the payment journey, regardless of the route taken, users can work faster and with greater peace of mind by knowing where transfers are, at all times. I’m pleased that these enhancements can help our FI partners provide a delightful experience when their customers send cross-border payments.”

If you’re ready to take your financial institution’s international payment capability to the next level, contact UK-Payments@westernunion.com today.