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BPI pioneers SWIFT gpi, enables traceable and faster global money transfers

Bank of the Philippine Islands (BPI) recently became the first local bank to launch the SWIFT global payment innovation (SWIFT gpi), an advanced payment method using modern digital tools for traceable and swifter cross-border payments.

International money transfers from the Philippines can now be as quick as a few minutes. This is a huge improvement compared to existing outward remittance channels which can take up to  several days for money to be transferred from one bank in another country to a BPI account and vice versa.

“This is a great benefit for our retail and corporate customers with cross-border funds transfer transactions. SWIFT gpi will allow us to offer an efficient and secure method of sending and receiving money that is traceable and with a much quicker turnaround time,” said Head of BPI Remittance Noel Tagaza.

He added that companies that have frequent international payment transactions will be better able to manage payments, now that international transactions are mor…

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