SWIFT announces the extension of its GPI Tracker to cover all payment instructions sent across the network, enabling GPI banks to track all their SWIFT payment instructions at all times, and giving them full visibility over all their payments activity. What is the meaning of S in SWIFT?

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

SWIFT announces the extension of its GPI Tracker to cover all payment instructions sent across the network, enabling GPI banks to track all their SWIFT payment instructions at all times, and giving them full visibility over all their payments activity. What is the meaning of “S” in SWIFT?

A	Service
B	Society
C	System
D	Scheme

Explanation:

Detailed explanation-1: -The gpi Tracker SWIFT gpi now enables banks to provide end-to-end payments tracking to their customers. The Swift Tracker – ‘in the cloud’ and securely hosted at Swift – gives end-to-end visibility on the status of a payment transaction from the moment it is sent right up to when it is confirmed.

Detailed explanation-2: -SWIFT gpi (gpi stands for Global Payments Innovation) is a new initiative from SWIFT and was developed to improve the experience of making a payment via the SWIFT network for both customers and banks. SWIFT gpi combines the traditional SWIFT messaging and banking system with a new set of rules.

Detailed explanation-3: -SWIFT gpi combines domestic real-time payment networks to deliver cross border payments almost instantly and without the restrictions of bank operating hours. Each transaction is assigned a Unique End-to-End Transaction Reference (UETR) that payment providers can use to trace the transfer from start to finish.

Detailed explanation-4: -The SWIFT GPI (Global Payments Innovation) is an initiative by SWIFT to improve customer experience by providing real-time tracking of the outward cross-border remittance transaction.

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