Riyadh –Mubasher: The Saudi British Bank (SABB) and SWIFT, the world’s leading provider of secure financial messaging services, announced that SABB has become the first bank to go live with SWIFT gpi for Corporates service (g4c) across the Middle East and North Africa (MENA) region and Turkey.
Joining over 50 global elite institutions, SABB will use the new service which allows multi-banked corporates to initiate and track payments across banks in a direct way from their treasury and payment systems, according to a recent press release.
SWIFT has collaborated with leading institutions, including banks and corporates, during the development process of SWIFT gpi for Corporates.
‘’Launched in early 2017, SWIFT gpi already has almost 500 banking groups signed on to the service, and accounts for 55% of SWIFT cross-border payment traffic. More than $300 billion in SWIFT gpi messages are sent every day, enabling payments to be credited to end beneficiaries within minutes – if not within seconds,’’ according to the press release.
In addition, the new service strengthens the ‘’cross-border’’ payments experience, as corporates will be offered better visibility and transparency, thus, delivering faster, more transparent, and traceable payments across their banking partners.
On this occasion, SWIFT MENA and Turkey’s head Onur Ozan said that SWIFT gpi will allow corporates ‘’to track payments in real time and receive confirmation of credit in a consistent fashion, across multiple banks within their corporate treasury systems. This is exactly what corporates have had as a key ask from banks’’.
SABB’s deputy managing director, corporate, and institutional banking Majed Najm remarked, “An increasing number of banks are offering SWIFT gpi tracking through their individual portals, which benefits companies track via bank-specific platforms. However, for multi-national institutions, that have multiple local and international banking relationships, SWIFT gpi for Corporates provides a centralised view of multi-banking information enabling to track their payments in one place.’’
Earlier on Wednesday, SAAB announced finalising a binding contract valued at SAR 36 million to sell its 2% stake in HSBC Saudi Arabia to HSBC Asia.
