ONPEX enables fast, transparent and cost-efficient payments with SWIFT gpi cross-border transaction standard

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.

To find out more about ONPEX’s collaboration with SWIFT, visit: www.onpex.com

Author: Yash Hirani

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