Dubai: SWIFT announced on Sunday that Mashreq has signed up for its global payments innovation (gpi) service, to become the first bank in the Middle East to join this international initiative.

SWIFT gpi improves the customer experience in cross-border payments by increasing the speed, transparency and end-to-end tracking of transactions.

Now live, the first phase of SWIFT gpi focuses on business-to-business payments, helping corporates grow their international business, improve supplier relationships and achieve greater treasury efficiencies.

“With our customers in the region operating across multiple trade corridors, we look forward to working with SWIFT to deliver a faster, more transparent and more traceable cross-border payments offering,” said Sandeep Chouhan, Group Head of Operations and Technology, Mashreq.

As part of SWIFT gpi, the gpi Tracker allows banks to provide corporate treasurers with a real-time, end-to-end view on the status of their payments, including confirmations when payments have been credited to beneficiaries’ accounts.

Quality assurance

With SWIFT gpi, treasurers now have certainty that remittance information, such as invoice references, are transferred unaltered to the beneficiary. In addition, SWIFT will soon introduce the gpi Observer, a quality assurance tool that monitors participants’ adherence to the gpi business rules.

“SWIFT gpi enables member banks to significantly improve the cross-border payment experience for their customers. The banks that are live on SWIFT gpi have already demonstrated that it adds significant value and we look forward to working with Mashreq [Bank] as it prepares to go live with the service later this year,” stated Alain Raes, Chief Executive of Europe, Middle East & Africa and Asia Pacific, SWIFT.

SWIFT gpi, is one among the many initiatives undertaken by SWIFT to facilitate change in the correspondent banking business by bringing in more transparency and speed.

“As the first bank in the region to join this programme, Mashreq has always been a pioneer in UAE in delivering innovative solutions that meets the dynamic and holistic needs of its customers. Mashreq’s digitisation road map is closely aligned with SWIFT gpi programme and we look forward to work with SWIFT to make this a success,” said Jan-Willem Sudmann, group head International Banking.