Hapoalim first bank in Israel to sign up for Swift gpi
Bank Hapoalim has signed up for Swift’s global payments innovation (gpi), making it the first bank in Israel to join the service.
Another nation onboard for gpi
According to Swift, the deployment of gpi will allow banks to “significantly” improve the entire process of cross-border payments by decreasing time of transfer, providing real time end-to-end tracking status and offering transparency regarding each bank in the transaction chain and any fees that have been deducted.
Francine Hoppe-Krasner, SVP, head of financial institutions, Bank Hapoalim, says: “By using Swift gpi for cross-border payments, the bank can now provide an agile and seamless experience for all transactions.”
Swift says hundreds of financial institutions use gpi, including “the world’s 60 biggest banks”.
It is now being used to send “hundreds of billions” in payments every day – more than half (55%) of Swift’s cross-border traffic.
Swift adds that gpi will be the standard for all cross-border payments by the end of 2020.
In other news, yesterday (16 January), Swift published a standard for pay later APIs with the aim to help the adoption of this consumer payment model.
While on 15 January, Deutsche Bundesbank, the German central bank, said it was using Swift MyStandards and Readiness Portal to support the European banking community migrate payment flows to the ISO 20022 standard.
