BLOM Bank first in Lebanon to launch Swift gpi service
Swift gpi now in Lebanon
BLOM Bank says it has become the first bank in Lebanon and “among few banks in the region” to introduce the new Swift global payments innovation (gpi) service to its clients.
Antoine Lawandos, AGM and CIO, BLOM Bank, says the new service makes cross-border payments “faster, more transparent and more traceable”. He also highlights other benefits, such as predictable settlement times (Swift gpi provides tracking information on the status of remittances at all stages) and more visible FX rates and charges applied throughout the payment cycle.
Furthermore, BLOM Bank will soon launch additional services to its clients based on Swift gpi, for example, an ability to stop and recall payments (depending on circumstances).
Meanwhile, the bank will benefit from better tracking tools and processes to speed up the time it takes to solve enquiries as the gpi Tracker enables banks to access the information they need – including payment status, bank fees, payment instruction information, correspondent details, proof of payment – immediately and without depending on counterparties.
“We are proud to have introduced the needed changes on our systems to implement the Swift gpi in record time,” Lawandos states. “We are now more than ever ready for the future of cross-border payments!”
Swift gpi is set to become the standard for all cross-border payments made on the Swift network by the end of 2020. There are around 280 banks around the world that are using the service. Another recent additions to the community are Santander, which has gone live on Swift gpi service in Spain, Argentina, Poland and the UK, and Standard Chartered in Germany (in addition to the US and Singapore locations).
