Swift GPI provides BLOM Bank’s customers with greater speed, transparency and peace of mind for cross-border payments
On 15 October, BLOM Bank became the first bank in Lebanon and one of few banks in the region to introduce the Swift Global Payments Innovation service (Swift GPI) to its clients.
Swift GPI has been the biggest change to come to cross-border payments in the past 30 years and it is set to become the standard for all cross-border payments made on the Swift network by the end of 2020. The strong adoption of Swift GPI is being driven by the demand for speedier, more transparent and trackable cross-border payment services.
Antoine Lawandos, AGM and CIO, BLOM Bank, said: “By being the first bank in Lebanon to implement Swift GPI, we are now well equipped to provide our retail and corporate clients with the best-in-class quality of service for cross-border payments, which are now faster, more transparent and more traceable. Settlement times are now predictable since Swift GPI provides tracking information on the status of remittances at all stages. Also, FX rates and charges applied throughout the payment cycle are now more visible thus providing our customers with increased peace of mind”.
By being the first bank in Lebanon to implement Swift GPI, we are now well equipped to provide our retail and corporate clients with the best-in-class quality of service for cross-border payments, which are now faster, more transparent and more traceable.
By adopting the Swift GPI standard, BLOM Bank will also be able to offer its customers a series of additional services thanks to the increased layer of security embedded in the Swift GPI platform which provides the option, when needed and appropriate, to stop and recall payments depending on circumstances.
Sido Bestani, Regional Director, Middle East, Turkey & Africa, said: “We are delighted to see BLOM Bank go live on Swift GPI. The bank’s customers can now start reaping the benefits of what is fast becoming the new industry standard for cross-border payments. Banks in Lebanon have come together to embrace Swift GPI as a community and we look forward to seeing more banks go live in the coming months.”
