SWIFT gpi – Faster Cross-Border Payments

Swift gpi for corporates (g4C)

This service includes two solutions:

• Pay & Trace

Pay & Trace allows corporate clients (connected to Swift) to create an MT 101 payment instruction to a partner bank, along with its own UETR, which enables further tracking of the payment’s status. While the service is quite promising and useful, there are currently very few corporate customers in the region directly connected to Swift.

• Inbound Tracking

Inbound Tracking provides banks with the ability to receive information about the initiation of an incoming MT 103 (pacs.008) payment. This means, at the point of creating a payment to your end client  (corporates and individuals), where your bank is indicated as the beneficiary in field 59, you will receive a notification (MT 199 API) from Swift. The fields and information that the bank receives when using Inbound Tracking are:

• Field 50: Ordering customer (account, account owner, BIC);
• Field 59: Beneficiary customer (account, account owner, BIC);
• Field 70: Remittance Data.

This data can be used to inform your customers about the initiation and further status of their incoming payment.

Commercial conditions:

1. One-time fee – 10,000 EUR;
2. Annual fee – 10,000 EUR (as it is outside of Swift Essentials scope)