BBVA Garanti has become the first bank worldwide to complete integration of the new SWIFT GPI pre-validation service, an international money transfer service developed by SWIFT. Controlled testing of the service is ongoing.
Thanks to this new service, transferring banks can confirm the beneficiary account information just prior to conducting the transaction, thereby avoiding potential transaction failures and improving operational performance.
Since SWIFT gpi was launched in 2017, BBVA has managed three million transactions - equivalent to €2 trillion - using this international payment standard. BBVA staunchly supports this global payment mechanism, which delivers speed and transparency to cross-border payments. Now SWIFT gpi aims to offer instant payments.
Garanti BBVA was the first bank in Turkey to participate in the worldwide Global Payment Innovation (GPI) initiative, launched by SWIFT in March 2017. The initiative allows banks — international and national alike — to track transfers made via SWIFT using Garanti BBVA Internet banking. With the Swift Outbound Tracking Service, users can easily view all the transaction details from the time it is performed, including the transfer status, the intermediary bank, and the time it takes until reaching its destination. In addition, immediate notifications about transaction completion can be received.
In addition to the Swift Departure Tracking Service, Garanti BBVA plans to activate the Swift Inbound Tracking Service in the coming months. With this feature, customers will be able to track money transfers from the time the funds leave the originating bank, providing visibility as to when they can be expected to hit their accounts. The service, which contributes to customers’ ability to manage their cash flow, will be available either via the bank’s Internet banking service or its API.