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Archive for tag: SWIFT products and services

SWIFT gpi - A New Standard in International Payments

 

 

Cross-border payments are significantly improved

in terms of speed, transparency and end-to-end tracking.

 

Live since January last year, the first phase of SWIFT gpi addresses business-to-business cross-border payments; the second phase, planned for 2018, will enable the digital transformation of cross-border payments, while the third phase, focused on collaborative innovation, might even tackle the distributed ledger technology.

 

To date, thanks to SWIFT gpi, corporates benefit from international business growth, supplier relationships improvement, as well as more efficient treasuries, by means of faster, same-day use of funds, transparent fees, and end-to-end payments tracking.

 

It also enables a more accurate reconciliation of payments and invoices, reduces exposure to FX risks, and optimizes liquidity with improved cash forecasts.

 

 

The main features SWIFT gpi brings to the table are:

 

  • The Tracker, which gives end-to-end visibility on the status of a payment transaction from the moment it is sent until it is confirmed. It can be updated by FIN messages or via API.
  • The Observer, a central service which monitors adherence to the new SLA for all members. The global view it gives enables gpi banks to quickly identify potential areas for improvement and collaborative work.
  • The Directory: a complete list of all gpi members, available in a wide variety of formats, which enables comprehensive end-to-end path finding for gpi payments. This list is accessible via automated delivery channels and it includes details such as: banks by BIC, currencies, channels, cut-off times, etc.

 

As of now, over 140 banks have joined the service, channeling payments into more than 200 countries, and success stories keep showing up all over the world, proof that SWIFT’s initiative is a win for all parties involved.

 

 

*Allevo is SWIFT Business Partner and Registered Vendor. As part of this partnership Allevo promotes SWIFT product and service portfolio in Romania.

**The content of this blog post belongs to its author and does not reflect the official position of SWIFT.

***Should you wish to contact us, you may do so via e-mail / website form.

 

 

 

Kind Reminder: SWIFT 7.2 Mandatory Update

 

 

To ensure the continuity of your SWIFT services,

you have to upgrade by end November this year.

 

This applies to Alliance Access, Alliance Entry, Alliance Gateway, Alliance Web Platform Server-Embedded, SWIFTNet Link and SWIFT Web Access and the aim of the 7.2 release is to keep providing a highly secure SWIFT service to all customers, with equally important pluses as far as efficiency is concerned.

 

 

What Is New in the 7.2 Release

 

In brief, new features can be summarized as follows:

 

  • 64-bit architecture
  • Refreshed underlying technology
  • FileAct Enhancements
  • Strengthened password policies
  • Named Security Officers (for Access/Entry)

 

SWIFT 7.2 is a most welcome refresh in terms of technology and security, introducing a new operating system baseline to run this application suite on, combined with upgrades to the third-party software embedded in SWIFT products.

 

The new release introduces the 64-bit architecture in order to enhance performance and capacity and it can also be seen as a means of support for the security measures imposed by the Customer Security Programme.

 

 

What You Should Do About It

 

  • Upgrade SWIFT software components
  • Upgrade OS baseline and move to 64-bit
  • Evaluate and maybe even upgrade existing hardware

 

Hint: You might reuse your hardware if it is less than 2 years old and it is explicitly supported by new OS levels, but you should definitely consider replacing it if it has not been refreshed since the 7.0 Release.

 

Remember: You will lose the ability to transact over SWIFT if migration is not completed by end November.

 

 

*Allevo is SWIFT Business Partner and Registered Vendor. As part of this partnership Allevo promotes SWIFT product and service portfolio in Romania.

**The content of this blog post belongs to its author and does not reflect the official position of SWIFT.

***Should you wish to contact us, you may do so via e-mail / website form.

 

 

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