First Investment Bank (Fibank) is the first Bulgarian bank to offer the SWIFT Global Payment Initiative (gpi), according to a press release.
SWIFT gpi provides fast international payments, and in September the bank started offering payments through the platform, which it said helped to not only speed up transfers but help to track them as well.
SWIFT data shows that about 36 percent of gpi transfers reach their destination within 5 minutes. About 53 percent reach in an hour, and 96 percent reach the same day.
There are other advantages as well, with real-time traceability through the identifying technology in the payment message.
About 660 banks are a part of SWIFT gpi, and daily worldwide payments number more than $300 billion. Fibank is also the only direct Bulgarian bank to participate in EBA Clearing, which is the largest clearing house in Europe.
Fibank has correspondent accounts in not only major currencies, like the U.S. dollar and the euro, but in the Japanese yen, the Canadian dollar and others.
Fibank lets its customers make international transfers in over 110 currencies.
Last month, SWIFT partnered with Equiniti Business Payment Services, which is the international payments division of Equiniti Group. The collaboration centers on delivering a range of payment methods across a range of speeds while validating data. Customers will be able to stop and recall payments and can also speed resolution of failed payments, according to a release.
Also in September, SWIFT and Microsoft partnered with Bank of New York Mellon to finalize the trial of Cloud Connect, a new payments solution.
Cloud Connect hosts SWIFT infrastructure and enables payment transfers via Microsoft Azure. The new solution will service SWIFT’s 11,000 financial institutions in over 200 countries.
“We focus on delivering world-class solutions that exceed our clients’ expectations,” said Bank of New York Mellon Treasury Services CEO Paul Camp. “Now, helping make SWIFT Cloud Connect real, we are pleased to collaborate with Microsoft to leverage their cloud expertise and advance the frontiers of financial technology, offering a new level of service for SWIFT participants.”
