ONPEX enables fast, transparent and cost-efficient payments with SWIFT gpi cross-border transaction
Press Release: ONPEX integrates end-to-end payment status tracking with SWIFT gpi
Luxembourg, 15th October 2018 – ONPEX, a leading provider of multi-currency IBAN accounts, has partnered with SWIFT to offer its clients instant access to SWIFT’s global payments innovation (gpi). The collaboration enables ONPEX clients to send and receive funds more quickly and securely to anyone, anywhere with end-to-end tracking.
The collaboration between ONPEX and SWIFT allows clients to experience an unmatched level of payments visibility, while remittance data remains unaltered. With SWIFT gpi-driven payments, payment account users will be able to see what fees and FX rates are being applied during the transaction process when sending and receiving cross-border transfers.
The global transaction standard helps businesses shorten their supply cycles and reduce exposure to FX risks while improving cash forecasting and optimising liquidity. More than $100bn of payments are already being sent this way every day. Banks, corporates and market infrastructures are leading the way in making SWIFT gpi the preferred standard for all cross-border payments by the end of 2020.
“When sending a payment, our customers expect greater transparency; they want to know what happens with the transaction and when the money is received” explains Christoph Tutsch, CEO of ONPEX. He continues: “Until now, this transparency for cross-border payments could not be offered as each bank involved in the payment process has only been able to share the information on their part of the transaction process.”
Businesses and regulated institutions working with ONPEX can now utilise SWIFT gpi to pay for international goods and services, benefitting from a real-time, end-to-end view of cross-border payments activity. Users will also receive confirmation when money reaches the recipient’s account. Nearly half of all SWIFT gpi payments are credited within 30 minutes and many take place in seconds.
Alain Raes, Chief Executive EMEA and Asia Pacific, SWIFT added: “SWIFT gpi provides end-to-end payment tracking with its cloud-based Tracker database. This gives businesses end-to-end visibility on the status of a payment transaction from the moment it is sent until it is confirmed. We are delighted to work with ONPEX as we hope this alliance will support our aims to advance the payments ecosystem by improving its security, effectiveness, and efficiency.”
As a SWIFT gpi member, ONPEX and its customers will gain access to SWIFT gpi’s directory. Every gpi member bank is automatically listed in the directory, providing a comprehensive end-to-end path finding for gpi payments.
ONPEX will also get the chance to further advance the cross-border payments industry.
As part of gpi, SWIFT has a new service level agreement (SLA) rulebook. This will give ONPEX the opportunity for enhanced business practices and smart collaborations. While working with other banks in the network, ONPEX can help pinpoint areas of improvement in the SLA.
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Notes to Editor
ONPEX helps businesses build their own financial services. We provide multi-currency IBAN accounts, FX, local and global transfers, and ePayments powered by open APIs to create simple, compliant, and cost-efficient payment and banking solutions.
SWIFT is a global member owned cooperative and the world’s leading provider of secure financial messaging services. We provide our community with a platform for messaging and standards for communicating, and we offer products and services to facilitate access and integration, identification, analysis and regulatory compliance.
Our messaging platform, products and services connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories. While SWIFT does not hold funds or manage accounts on behalf of customers, we enable our global community of users to communicate securely, exchanging standardised financial messages in a reliable way, thereby supporting global and local financial flows, as well as trade and commerce all around the world.
As their trusted provider, we relentlessly pursue operational excellence; we support our community in addressing cyber threats; and we continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies. Our products and services support our community’s access and integration, business intelligence, reference data and financial crime compliance needs. SWIFT also brings the financial community together – at global, regional and local levels – to shape market practice, define standards and debate issues of mutual interest or concern. SWIFT’s strategic five-year plan, SWIFT2020, challenges SWIFT to continue investing in the security, reliability and growth of its core messaging platform, while making additional investments in existing services and delivering new and innovative solutions.
Headquartered in Belgium, SWIFT’s international governance and oversight reinforces the neutral, global character of its cooperative structure. SWIFT’s global office network ensures an active presence in all the major financial centres.
Maximilian P. Nenning Marketing Manager ONPEX firstname.lastname@example.org
Gemma Trevers Senior Account Executive Skyparlour email@example.com +44 (0)330 043 1315