In continuation of its commitment to provide state of the art payment services and constantly enhancing the customer experience, Ahli United Bank (AUB) has gone live with SWIFT gpi (global payments innovation) services for its customers. SWIFT gpi will enable AUB’s Corporate, Treasury and Retail customers to track the status of cross-border payments on an end-to-end basis and provide greater visibility over the entire payments process. Customers can view information about each bank in the payment chain and any fees that have been charged, in addition to providing foreign exchange rate transparency. Following the SWIFT community’s recent endorsement of global gpi adoption, SWIFT gpi will be the standard for all cross-border payments by the end of 2020.
On the occasion of the launch of the services, AUB’s Deputy Group CEO, Operations and Technology Shafqat Anwar mentioned that “AUB’s adoption of SWIFT gpi is another example of its continued stride to add value to the payments and customer servicing process as it will offer better speed, security and transparency of cross-border payments thereby improving the quality and effectiveness of the settlement processes and deliver added value to AUB’s customers by enabling them to trace and track each payment processed through gpi”. He also added that “due to a faster payments process, approximately 40% of SWIFT gpi payments will be credited to end-beneficiaries within five minutes, 50% are credited within 30 minutes; three quarters within six hours; and almost 100% within 24 hours”.
Onur Ozan, Head of the Middle East, North Africa & Turkey of SWIFT said: “We are delighted that Ahli United Bank is now live with SWIFT’s global payments innovation (gpi) service and is able to deliver faster, more transparent and trackable payments to its customers. We are very proud of the value that gpi delivers to the financial industry by tackling the frictions, costs and delays associated with cross-border payments. We look forward to seeing more live banks in the region enhancing the cross border payments experience for the wholesale and retail segments.”