In Swift codes, "GPI" isn't about the usual codes that identify banks. Instead, it stands for Global Payment Innovation, a system created by SWIFT (Society for Worldwide Interbank Financial Telecommunication) to make international payments better. The SWIFT GPI tracker helps banks track payments more clearly and quickly, so they can offer faster and clearer services to their customers
Swift codes, also called BIC codes, are codes made up of letters and numbers that identify specific banks during international transactions. These codes are usually 8 or 11 characters long and show which bank and branch are involved. For example:
Example 1: CHASUS33 (JP Morgan Chase Bank, New York)
Example 2: HSBCSGSGXXX (HSBC Bank, Singapore)
To find the Swift/BIC code for a particular bank, you can check their official website or contact them directly.
A GPI tracker in SWIFT is a tool designed to help banks and their customers track international payments, including outward remittances from India, in real-time. It provides detailed information about the status of payments from initiation to completion, including their location, any associated fees, and the exact time they are credited to the recipient's account. This transparency enables banks and customers to manage cross-border transactions more effectively, ensuring timely and efficient processing of payments
For example, if a company in the United States sends a payment to a supplier in Germany using SWIFT GPI, the GPI tracker would show when the payment was sent, where it is during transit, any fees deducted along the way, and precisely when the supplier receives the funds in their German bank account. This helps both parties monitor and confirm the payment's progress and arrival, improving transparency and reliability in international money transfers.
SWIFT GPI has significantly reduced the time it takes for international payments to reach their destination. Traditionally, international transfers could take several days to complete due to the involvement of multiple banks and clearing processes. With SWIFT GPI, many transactions now reach their recipients within minutes or hours, thanks to improved communication and transparency across the global banking network. This speed enhancement has been particularly beneficial for businesses that rely on timely payments to manage their operations efficiently on a global scale.
SWIFT GPI (Global Payment Innovation) is favored for several reasons:
SWIFT GPI semi-automatic is a feature within the SWIFT GPI system that lets banks manually intervene or add extra information during payment processing, including outward remittance from India. This option is useful when additional validation, manual approvals, or specific instructions are necessary beyond what the automated SWIFT GPI processes handle.
In essence, while SWIFT GPI is designed to automate and streamline international payments through its standard tracking and processing methods, the semi-automatic feature gives banks the flexibility to handle special cases or unique requirements by allowing them to intervene manually. This ensures that banks can manage such situations effectively while still benefiting from the speed and transparency improvements offered by SWIFT GPI for most transactions.
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