CURRENT AFFAIRS

Detailed explanation-1: -SWIFT gpi has been hugely beneficial for banks and their customers since its launch, but extending this tracking facility across all payments traffic will be truly transformational. For more information about the service, visit swift.com/gpi.

Detailed explanation-2: -ICICI Bank was the first bank in India to enable ‘SWIFT gpi’, which provided the partner banks improved transparency on charges, speed of execution, predictability and end to end tracking of cross border payments for retail and corporate remittances.

Detailed explanation-3: -DBS is the first bank in India and Asia-Pacific to offer this service to clients, which is expected to benefit close to 4000 corporate and SME clients in India, with numbers expected to grow further.

Detailed explanation-4: -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-5: -SWIFT is the network of 11, 000 member financial institutions that enables fast, secure international wire transfers. The network doesn’t transfer any physical funds, but rather provides a standard way to send payment orders. In 2020, around 35 million orders per day were sent via the SWIFT network.