19:12 | 28/07/2017 Economy
SWIFT announces today that Vietcombank is the first bank in Vietnam to sign up for its global payments innovation initiative, SWIFT GPI.
The bank joins more than 110 of the world’s major transaction banks that are already committed to the largest change initiative that the world of cross border payments has seen in the last 30 years. SWIFT GPI is also bringing in a new world for Corporates, dramatically improving the cross-border payments experience of corporate treasurers, by enabling enhanced services from their banks.
SWIFT GPI went live in January 2017, and is already revolutionising cross-border payments by combining real-time payments tracking with the speed and certainty of same-day settlement. The service enables enhanced multi-bank business rules, unique end-to-end identification of payment messages across a transaction, and a secure “Tracker” database in the cloud that provides real-time transaction status reporting. The Tracker feature is also accessible through Application Programming Interfaces (APIs). Future releases of SWIFT gpi will include the ability to send richer payment information, requesting for payment cancellation. SWIFT is also engaging the global FinTech community to build additional services over SWIFT gpi, and the initiative is also exploring the use of Distributed Ledger Technology.
Mr Dao Minh Tuan, Deputy Chief Executive Officer, Vietcombank said: “SWIFT gpi provides an adequate answer to the evolving needs of corporate treasurers, by offering a service that is easy to implement, yet removes the friction that currently exists in correspondent banking, such as the lack of speed, transparency and traceability. We look forward to implementing SWIFT gpi and to keep enhancing the services we offer our clients going forward, as new features get released”.
Sharon Toh, Head of ASEAN Region, SWIFT said: “By being the first bank in Vietnam to join SWIFT gpi, Vietcombank confirms its leading position in Vietnam and reiterates its commitment to offer the best services to its clients. We trust this service will highly benefit corporates in Vietnam, especially in the context of ASEAN integration”.