Maybank first local bank to launch SWIFT GPI service

  • Business
  • Monday, 06 May 2019

KUALA LUMPUR: Malayan Banking Bhd (Maybank) has become the first local bank to implement the SWIFT global payments innovation (gpi) service that will enable customers to enjoy speedier, more convenient and secure cross-border remittances.

The country's largest bank by assets is joining a league of 160 major global bank groups in over 200 countries offering this new standard in global payments.

In a statement today, Maybank said the cross-border remittances include same-day overseas fund transfers to beneficiary accounts at banks under the SWIFT gpi platform (for transactions received within the banks' cut-off time and where credit confirmation has been received).  

Group chief operations officer Jerome Hon said that the implementation of this payment service would deliver fast payments that are trackable, and provide transparency on costs and charges.

"Customers, especially corporates handling large amounts of remittances regularly, will benefit from the reduced crediting time with faster access to funds remitted to them or their beneficiaries.  

"In addition, Maybank is able to initiate stop payment instructions via the SWIFT gpi tracker," he said.

Hon said currently, the payment status and tracking information is available via branch counters or Maybank Group Customer Care.

"We are already working to enhance this experience through interface into our online channels such as Maybank2u and Maybank2e by this year, so that customers can view their payments at their own convenience anytime, anywhere,” he added.  - Bernama
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