Deutsche Bank has gone live on Swift’s global payments innovation (gpi) EUR services as it looks to increase transparency and speed in cross-border payments, writes Banking Technology (Paybefore‘s sister publication).
Swift’s gpi offers real-time tracking of payments and same day use of funds for corporate clients. Deutsche Bank says it is one of the first banks globally to go live via an application programming interface (API).
Having introduced USD gpi services in October, the bank states that it now processes its corporate and financial institutions cross-border payments for the world’s two major currencies EUR and USD via this new service offering. It adds that corporate clients do not need to make changes to their operations.
Michael Spiegel, head of cash management and head of global transaction banking Germany, says “gpi is the new blueprint in international payments” and “initial feedback has shown that many transactions between continents are processed end to end and with full tracking capabilities in less than thirty minutes”.
gpi was first announced by Swift at its annual Sibos conference in 2015 and then went live earlier this year.