Bulgaria’s Central Cooperative Bank Implements SWIFT gpi
Central Cooperative Bank has announced it will implement SWIFT’s gpi service. This makes it the first Bulgarian bank to provide its customers with the cross-border payments service, with real-time payments tracking and transparency on bank fees and foreign exchange rates.
The widespread adoption of SWIFT gpi has been driven by demand for a faster, more transparent cross-border payments service. Nearly half of gpi payments are credited within 30 minutes, many within seconds – and almost 100% within 24 hours. The service also enables end-clients to track the status of their payments from end-to-end, and provides an unprecedented level of visibility into each payment – including information about each bank in the payment chain and any fees that have been deducted.
To date, more than 300 financial institutions around the world have signed up to SWIFT gpi, with more than US$110bn in SWIFT gpi payments being sent daily across over 800 international payment corridors.