National Settlement Depository (NSD) has begun to provide SWIFT gpi (global payment innovation) services. The first gpi transaction was conducted by NSD in late September 2019; the depository announced this at SIBOS, the annual international forum organized by SWIFT (which this year are holding in London).
NSD is the first CSD to provide its clients with the gpi service which lets them conduct cross-border real-time payments and track the status of payments.
The widespread adoption of SWIFT gpi has been driven by a demand for a faster international payment service. Nearly half of gpi payments are credited within 30 minutes, many within seconds – and almost 100% within 24 hours. Moreover, this service also enables end clients to track the status of their payments from end-to-end. This level of payment transparency is unprecedented: clients can receive information about each bank in the payment chain and about any fees that have been taken out.
“Implementing the SWIFT gpi service allows us to improve the quality and effectiveness of settlement processes. We are sure that this service provides an added value to our clients,” said Eddie Astanin, Chairman of the Executive Board, NSD.