SWIFT gpi Service

Piraeus Bank, in line with the biggest financial institutions worldwide, has joined the Global Payments Innovation (gpi) service of SWIFT, leading the way in Greece in providing a new customer service experience for payments via remittance.


What is the Global Payments Innovation service

Global Payments Innovation is a payment service of SWIFT, that introduces new innovations in the field of payments, enriching the payment transactions of the participating financial institutions, with extra information, transparency and execution date’s assurance.

In addition, through the SWIFT gpi Payment Pre-validation feature, that ensures valid control of payments’ details before their execution, the time of completion of incoming transactions is drastically reduced. Due to early settlement of payments’ data issues, there are no further time-consuming delays for customers.



How does the Global Payments Innovation service work

Piraeus Bank has integrated gpi innovation in its infrastructure. As a result, all payments, that subject to specific conditions, are characterized as gpi payments, regardless of their execution channel (branch, winbank). Gpi payments are marked by a unique transaction reference, the gpi reference, which follows them in all their processing stages up to the beneficiary's account credit.

The information for a SWIFT gpi payment is available in all the processing stages end-to-end, provided that the payment has been sent via SWIFT and the banks involved (intermediary banks, beneficiary's bank) participate in the SWIFT gpi service.

How you may track your business payment

The service is available via:

  • winbank web banking

Via the GPI Tracking tool through winbank web banking, you may track your business payment at any time, just by using the gpi reference, and receive status updates of your payment through all processing stages.

In particular, you may fill in the gpi reference in the "Transfers" menu by selecting "Payments Management" and then "GPI Tracking". The unique payment reference is available in the "Transfers" menu, by selecting "Payments Management" and checking the "Outgoing Transaction Details" in the "GPI Reference" field.

You may use the GPI Tracking tool either for a business payment that has been initiated by you as a payer, or for a payment that money is expected to be received by you as a payee. A prerequisite is that your payment has been marked gpi and the payment’s gpi reference is at your disposal.

If you wish speed in your business payments, gpi ensures faster and prioritized payments processing with end-to-end tracking from all participating banks within their cut off time.


Benefits

  • Immediate tracking of your business payments
  • Real-time end-to-end visibility on the status of your payment transactions
  • Faster and prioritized business payments processing
  • Suppliers’ and partners’ credit account confirmation
  • Enhancement  of your  transactional credibility
  • Organized management of your business obligations

Participating Banks

For example: ABN AMRO, Bank of China, BBVA, Banco Santander, Bank of America Merrill Lynch, Bank of New York, Citibank, Danske Bank , DBS Bank, Deutsche Bank, ICBK Bank, ING Bank, Intesa Sanpaolo, Nordea Bank, Royal Bank of Canada, Standard Chartered Bank, UniCredit, etc.

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