BLOM to adopt newer SWIFT payment service

BLOM Bank said it has launched the new SWIFT Global Payments Innovation (SWIFT gpi) service, which provides faster, more traceable and more transparent cross-border payment services.

“Settlement times are now predictable since SWIFT gpi provides tracking information on the status of remittances at all stages. Also, foreign exchange rates and charges applied throughout the payment cycle are now more visible thus providing our customers with increased peace of mind,” said Antoine Lawandos, Assistant General Manager and Chief Information Officer at BLOM Bank.

The gpi Tracker helps banks cut their costs and improve customer service. It allows them to directly access needed information in order to solve inquiries quickly without depending on counterparties. Such information includes payment status, bank fees, payment instructions, correspondent details, and proofs of payment.

BLOM said that the improved security embedded into SWIFT gpi platform enables it to offer, in the near future, additional services to its clients. “This platform provides the option, when needed and appropriate, to stop and recall payments depending on circumstances,” the bank said.