Welcome to Corpay's
Smart, Secure Solutions for
Leave us your information to learn more during a FREE consultation:
What problems does SWIFT GPI solve?
Start increasing the efficiency of your payment processing with our robust, streamlined SWIFT GPI solution
About SWIFT
Let's Learn More About SWIFT GPI
SWIFT GPI addresses one of the key issues faced by the financial industry which is transparency. Having the ability to trace a cross-border payment just the way you would trace a package or a food delivery. A party involved in the life journey of payment can now use GPI to know where the payment is, who is it with, the latest status, and more importantly, any charges, including FX conversions, applied to the payment.
The new standard also has made the movement of funds faster than it ever was. A beneficiary can, in many cases,
be credited in as little as 5 minutes. It ensures unaltered remittance information which facilitates reconciling
incoming funds.
How does it help to reduce the risk of fraudulent payments?
The stop recall service within SWIFT GPI allows an institution to quickly stop the payment where it is and recall it to the sender. This service is very important in case of an erroneous or fraudulent payment. Additionally, the system can also help stop the payment from moving any further than the current holder which, when successful, prevents the processing of the payment.
Since its introduction in 2017, SWIFT GPI has shown a tremendous acceleration. As of Dec 2020, there are more than 1100 live GPI users, and 2325 live GPI country corridors. More than 70% of cross-border SWIFT payments are sent as GPI. This amounts to over $355 Billion sent in payments every day. This is more than 150% increase not just in the adoption rate but also the daily dollar value exchanged via GPI (per SWIFT’s Quarterly update provided in Dec 2020).
What had the industry response to SWIFT GPI been?
What is Corpay's take on SWIFT GPI?
Being a SWIFT member, we are invested in SWIFT GPI and what it can do for our internal and external stakeholders. Our internal operations teams are equally as important to us and our partners and clients. To arm them with the right tools that scale existing processes and alleviate pressure is a constant goal we work towards. The better equipped our operations teams are, the better and faster they can service our clients and partners.
We are focused and devoted to the success of all our stakeholders. Integrating to SWIFT GPI is a key step towards
that goal.
The GPI in SWIFT GPI stands for ‘Global Payments Initiative’. It is a new global payments standard launched by SWIFT in 2017 to provide greater end-to-end transparency, faster credits, and reduce investigations costs by setting uniform standards and SLAs.
About Corpay
Global businesses trust Corpay to power their international payments, execute plans to manage their currency risk and support their growth around the world. We aim to deliver unmatched service and expertise with respect to moving money. Utilizing our proprietary payment technology and hedging solutions, we combine the power and capability of a large financial institution with the agility of a fintech.
"SWIFT" is an acronym for the Society for Worldwide Interbank Financial Telecommunications.
“Cambridge Global Payments” and “AFEX” are trading names that may be used for the international payment solutions and risk management solutions provided by certain affiliated entities using the brand “Corpay”. International payment solutions are provided in Australia through Cambridge Mercantile (Australia) Pty. Ltd.; in Canada through Cambridge Mercantile Corp.; in Switzerland through Associated Foreign Exchange (Schweiz) AG; in the United Kingdom through Cambridge Mercantile Corp. (UK) Ltd.; in Ireland and the European Economic Area on a cross-border basis through Associated Foreign Exchange Ireland Ltd.; in Jersey and the Channel Islands through AFEX Offshore Ltd.; in Singapore through Associated Foreign Exchange (Singapore) Pte. Ltd. and in the United States through Cambridge Mercantile Corp. (U.S.A.). Risk management solutions are provided in in Australia through Cambridge Mercantile (Australia) Pty. Ltd.; in Canada through Cambridge Mercantile Corp.; in the United Kingdom through Cambridge Mercantile Risk Management (UK) Ltd.; in Ireland and the European Economic Area on a cross-border basis through AFEX Markets Europe Ltd.; in Jersey and the Channel Islands through AFEX Offshore Ltd.; in Singapore through Associated Foreign Exchange (Singapore) Pte. Ltd. and in the United States through Cambridge Mercantile Corp. (U.S.A.). Please refer to http://cross-border.corpay.com/brochure-disclaimers for important terms and information regarding this brochure.
Let's hear from our Product Owner, Navneet Dhami on what SWIFT GPI is in our podcast:
A FLEETCOR Company
You can feel confident working with Corpay as we are backed by our parent company, FLEETCOR Technologies, Inc. (NYSE:FLT), a leading global provider of commercial payment solutions based in Peachtree Corners, Georgia, USA. FLEETCOR is a Fortune 1000 firm, an S&P 500 member and has $2.4B in annual revenue with a market capitalization of $23B USD.