22-25 October 2018 ProFIX Company will attend the Sibos 2018 exhibition and networking event organised by SWIFT. This year Sibos turns 40, and will be held at the International Convention Centre, Sydney (Australia). The event brings together 8,000 business leaders, decision makers and topic experts from a range of financial institutions, market infrastructures, multinational corporations and technology partners.
With hundreds of speakers and conference sessions, nearly 200 exhibitors, and multiple networking events, Sibos is the place to discuss business strategy, build networks and collectively shape the future of the financial industry.
ProFIX Company will traditionally visit the Sibos, and this year wiil not be an exception. A report about key topics and important points of the program will be published on our site.
SWIFT announces that just 15 months after the service launched, 25% of all SWIFT cross border payment traffic is being sent over the global payments innovation (gpi). SWIFT gpi, the most transformational change in cross-border payments in 30 years, dramatically enhances the customer experience by increasing the speed, transparency and end-to-end tracking capability of payments.
It is set to be the standard for all cross-border payments made on the SWIFT network by the end of 2020.
SWIFT gpi has seen rapid widespread adoption since going live in 2017. More than 165 banks, representing 80% of SWIFT’s cross-border payments traffic, and including 49 of the world's top 50 banks, have signed up to the service. To date, 50 million gpi payments have been processed, with hundreds of thousands of payments sent daily across 350 country corridors, in more than 100 currencies. In major corridors, such as USA-China, gpi already accounts for more than 40% of payment traffic.
Commenting on the growth in adoption of gpi, Harry Newman, SWIFT’s Head of Banking said: “It’s clear that the global payments industry needs to evolve in order to provide customers with a modern, service that meets their expectations. As a truly global, fast, secure and transparent cross-border service, gpi is delivering real and tangible change, and the increase in its use is testament to the huge benefits it delivers to end customers. With more than 25% of traffic and over $100bn a day now flowing securely over gpi, it is rapidly becoming the new cross-border standard.”
The strong growth in the adoption and use of SWIFT gpi has been driven by demand for a faster, more transparent cross-border payments service. Already, nearly 50% of gpi payments are completed and credited to end beneficiaries’ accounts in less than 30 minutes, many within seconds.
In March 2018 SWIFT announced the extension of its gpi Tracker to cover all payment instructions sent across the network, enabling gpi banks to track all their SWIFT payment instructions at all times, and giving them full visibility over all their payments activity. As a direct result of the speed and transparency afforded by gpi, banks using the service have seen a significant reduction in frictions and as much as a 50% fall in their enquiry costs.
Newman added: “As more and more banks see the dramatic enhancements and efficiencies provided by gpi, we’re seeing its adoption grow every day. The rapid delivery of a payment message in less than 30 minutes and the transparency provided by the tracker gives banks’ end customers greater visibility and a substantially enhanced service, allowing goods orders and shipments to be commenced much sooner. “
According to the Standards Release 2018, mandatory changes in the standards for FIN messages will take effect in November. Updates require technical improvements at the level of ABS.
Failure to comply with the new requirements will have a negative impact on the bank's operational processes and on the performance of payment transactions.
ProFIX Company reports that the SWIFT Service Bureau will implement the necessary improvements. SWIFT-administrators in your bank will be notified additionally about the timing, as well as the possibility of testing the updated interface.
It is strongly recommended to contact the developer of your ABS with an update on the readiness to upgrade to the new standard from November 2018.
We also recommend you to familiarize yourself with the materials of the webinar on SR 2018 on the swift.com.
SWIFT has announced that it is extending its gpi Tracker to cover all payment instructions sent across the network. This will enable gpi banks to track all their SWIFT payment instructions at all times, and give them full visibility over all their payment activity.
The Tracker, available since May 2017, enables banks that have signed up to SWIFT gpi to track their gpi payments in real-time. From 18 November this year, a unique end-to-end transaction reference will be included in all payment instructions carried between all 11,000 customers on SWIFT across more than 200 countries and territories. This will give gpi customers full end-to-end tracking of all their gpi payment messages quickly and efficiently, bringing even greater transparency and cost reduction.
The Committee on Banking Supervision and Regulation, Payment System Monitoring (Oversight) of the National Bank of Ukraine has determined criteria for classification of banks into groups for the year 2018.
Decision No. 444 of 29 December 2017 defined the following groups:
- State-owned banks stand for banks where the state directly or indirectly owns more than 75% of the bank’s authorized capital.
- Banks owned by foreign bank groups include banks where majority stakes are held by foreign banks or foreign financial and banking groups.
- In privately owned banks, qualifying holdings belong to one or more private investors that directly or indirectly own at least 50% of the bank’s authorized capital.
The NBU will apply this classification only for releasing operating results of the Ukrainian banking system.
More information about classification of banks into groups on NBU website