Embracing the need for cost effective SWIFT gpi solutions
The recently released SWIFT info paper was very clear: gpi payments are fast, they are transparent and predictable and are supporting international trade and capital flows. They are rapidly being adopted for domestic and lower value consumer payments as well. Yet, only a small percentage of the connected SWIFT banks now comply to the gpi standard. So, why is that? Amr Soliman, CEO of CorZap explains.
No need to spend hundreds of thousands of dollars
“The desire to adopt this innovation has been marred by the high initial cost of subscribing to SWIFT; that cost is in addition to acquiring the suitable software that will enable banks to operate at the highest security and compliance standards required to compete globally. On the flip side, there are multiple advantages in implementing SWIFT gpi – such as tapping into the details of the remittance, the monitoring of the transaction and currency indices and the control that banks can exercise to fend off digital threats. These factors support the need for adopting SWIFT gpi more urgently. The win for banks today will come when those financial institutions can become future-ready and able to handle SWIFT gpi payments, without the need to spend hundreds of thousands of dollars to install major software that adds complexity to its core system,” says Soliman.
The CorZap solutions sit on top of the core bank system (or service bureau) and continually update all parties in the payments chain – the ordering bank, the beneficiary bank and the various correspondent banks – on the progress of a particular payment and even the sending and receiving parties. It’s a plug and play solution, allowing banks to become gpi compliant at an affordable prices, in just a matter of weeks.
Embracing cost effective SWIFT gpi solutions
And that’s particularly interesting for small challenger banks in emerging markets, Soliman explains. “They are usually not big enough to invest in expensive software and systems and choose to operate through a service bureau which could provide them with advantages of scale through the wider client base that the service bureau enjoys. These service bureaus are fast embracing cost effective SWIFT gpi solutions that are offered by software houses like CorZap. In fact, our customers tell us that they save up to 50% in license fees and even 90% in implementation costs. Amazing.”
An unprecedented STP experience
We’re looking forward to talk to these smaller banks and service bureaus that want to unleash the treasure within the swift messages and offer their clients an unprecedented STP experience that will enable same-day availability of funds.
Please contact our sales representatives for a 30 minute conversation about the advantages of smooth, compliant and affordable SWIFT gpi Messaging.