Bank of the Philippine Islands (BPI) recently became the first local bank to launch the SWIFT global payment innovation (SWIFT gpi), an advanced payment method using modern digital tools for traceable and swifter cross-border payments.
International money transfers from the Philippines can now be as quick as a few minutes. This is a huge improvement compared to existing outward remittance channels which can take up to several days for the money to be transferred from one bank in another country to a BPI account and vice versa.
“This is a great benefit for our retail and corporate customers with cross-border funds transfer transactions. SWIFT gpi will allow us to offer an efficient and secure method of sending and receiving money that is traceable and with much quicker turnaround time,” said Head of BPI Remittance Noel Tagaza.
He added that companies that have frequent international payment transactions will be better able to manage payments, now that international transactions are more predictable. About 46% of BPI outward cross-border transactions are processed within 10 minutes.
SWIFT gpi facilitates international payments across banks through a single channel without convoluted arrangements that may lead to additional costs and longer processing time. Transactions are traceable through the SWIFT gpi tracking facility. Payments still go through the usual screening for anti-money laundering and fraud to ensure the integrity of the transactions.
”I am pleased to welcome BPI to SWIFT gpi. As the first Filipino bank to go live on gpi, BPI offers the local business community a new and exciting standard for cross-border payments, to deliver faster, more transparent and traceable payments. Companies, in particular those handling large volumes of remittances, will now find it possible to track their gpi payments in real-time with and receive confirmation of credit across multiple banks, towards more efficient treasury management systems,” said Bernard Woodruff, SWIFT Country Manager in Malaysia and the Philippines.
Global finance magazine recognizes BPI as Best Trade Finance Provider
Global Finance, a leading corporate finance magazine, recognized the Bank of the Philippine Islands (BPI) as the Best Trade Finance Provider in the Philippines during the 13th Trade & Supply Chain Finance Awards and closing luncheon of the BAFT (Bankers Association for Finance and Trade) Global Annual Meeting.
The Bank received the award in Frankfurt, Germany, on January 15, after the said publication acknowledged BPI Trade and Supply Chain’s (TSC) strong performance during the eligibility period for the awards.
With a market share of 23 percent, BPI continues to gain dominance in the Philippine trade services industry by focusing on marketing strategies relevant to economic trends and opportunities and strengthening customer servicing.
John-C Syquia, EVP and Head of Corporate Banking, said that the consolidation of the Bank’s TSC and Cash Management Department to form the Transaction Services Division has strengthened its cross-sell strategies by optimizing the trading ecosystem.
“This award reflects our unwavering commitment to address our corporate clients’ most important financial needs, through solutions that deliver results. We are extremely grateful to the Global Finance Magazine for this recognition,” said Syquia.
Evaluated by the editorial review board, industry analysts, corporate executives, and technology experts, BPI won the key criteria after leading in transaction volume, the scope of global coverage, customer service, competitive pricing, and innovative technologies.
Founded in 1987, the Global Finance’s annual TSC Finance Awards has become a trusted standard of excellence for the global financial community. With 33 years in the financial market, the publication also offers analysis and global news for corporate finance professionals.