Vietnamese bank uses SWIFT gpi to enhance cross-border payment services

JSC. Bank for Investment and Development of Vietnam (BIDV) has joined SWIFT global payments innovation (gpi), as part of its digital banking strategy.

SWIFT gpi allows to improve the speed, transparency and end-to-end tracking of cross-border payments.

Launched in January 2017, around 120 major transaction banks from Europe, Asia Pacific, Africa and the Americas have joined the program.

SWIFT gpi enables to complete most of the cross-border payments within two hours and one third of the payments in less than 30 minutes.

BIDV senior executive vice president Tran Phuong said: “SWIFT gpi is the answer to the growing needs of our corporate customers as it removes the friction that used to exist in correspondent banking.

“We trust SWIFT gpi is the new norm for cross-border payments and we look forward to providing our clients with the best services available to support their evolving needs”.

SWIFT ASEAN Region head Sharon Toh said: “By joining SWIFT gpi and with strong ambitions in banking digitalisation, BIDV confirms their commitment to offer the best services to their clients.”

As part of the first phase, SWIFT gpi has focused on business-to-business payments, enabling corporate to expand their international business, improve supplier relationships and achieve treasury efficiencies.

Under the second phase, the program is focusing on cross-border payments to help banks stop a payment from the correspondent banking chain and transfer payment data to enhance the reconciliation of a payment with multiple invoices.

It will also help to use an international payment assistant for increasing the straight-through-processing rate of cross-border payments at origination.

Image: BIDV has joined SWIFT gpi for tracking of cross-border payments. Photo: courtesy of bluebay / FreeDigitalPhotos.net.