SWIFT gpi Service

Piraeus Bank becomes the first bank in Greece to go live on Global Payments Innovation (gpi) of SWIFT. Now you may trace your transactions wherever they are.

What is the Global Payments Innovation

Piraeus Bank is now among the most important financial institutions worldwide who have joined the cross-border payments’ service Global Payments Innovation (gpi) of SWIFT.

Global Payments Innovation is a new service of SWIFT that enriches payment transactions with extra information, transparency and execution date’s assurance.

What does the service offer

Piraeus Bank has incorporated the gpi innovation to its systems. As a result, each payment subject to specific conditions and irrespective of its execution channel (branch, winbank), is marked as gpi payment with a unique transaction reference, valid until the beneficiary’s account credit.

By entering the unique transaction reference, into the new tool SWIFT gpi** which is available in winbank web banking, customers can trace their cross-border payment transactions at any time, giving real-time end-to-end visibility on the status.

The SWIFT gpi is available to the ordering or to the beneficiary customer through winbank web banking, provided that the payment is gpi.

SWIFT gpi dramatically improves the customer experience by increasing the speed, transparency and offering end-to-end tracking from all participating banks.***

* Piraeus Bank treats a payment as a gpi payment, as long as the participating banks in the payment chain have joined the gpi as well.

** The information through SWIFT gpi regarding processing status and the final beneficiary’s credit is available only if the intermediary banks and the beneficiary’s bank have joined the gpi.

*** Valid for the gpi participating banks and before their daily cut off time.

Benefits

  • New payment tracking service
  • Real-time end-to-end visibility on the status of a payment transaction
  • Monitor the processing steps of the payments speed in a payment’s transmission
  • Beneficiary’s credit account confirmation
  • Enhancing customer’s transactional credibility

Participating Banks

For example: ABN AMRO, Bank of China, BBVA, Banco Santander, Bank of America Merrill Lynch, Bank of New York, Citibank, Danske Bank , DBS Bank, Deutsche Bank, ICBK Bank, ING Bank, Intesa Sanpaolo, Nordea Bank, Royal Bank of Canada, Standard Chartered Bank, UniCredit, etc.

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The service is provided under the current restrictions on capital transfers