BBVA to advance instant payments in the U.K. along with SWIFT gpi

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BBVA recently announced that it has integrated payments from the SWIFT gpi network with the UK’s national instant payment system. The Bank stated that the benefits of the development includes greater speed, transparency, tracking from start to finish and access to additional information on the transfers.

The BBVA Group participated in this new pilot, together with five financial institutions in Europe, North America and Asia-Pacific. The goal was to test the integration of SWIFT gpi with the British instant payment platform ‘The Faster Payments Scheme’ (FPS). The pilot was successful and showed the global potential that exists to eliminate the time zone restrictions, which will no longer be an obstacle to payment processing. It also demonstrated that gpi SWIFT’s integration with instant payment systems is globally scalable.

“With the integration of SWIFT with the Faster Payment chamber, we are going to further enhance customer experience, adding real-time processing of payments in British pounds to the benefits gpi already offers, tracking from start to finish and transparent costs,” explains Raouf Soussi, the head of Corporate Payment Strategy at BBVA.

BBVA is now offering this service on its channel BBVA net cash, on the SWIFT FIN (MT101) channel and on the direct ‘host to host’ channel, through which its customers can enjoy the benefits of this initiative.

“At BBVA, we continue working to offer our customers the different services of added value that exist around the SWIFT gpi initiative. We continue our very active collaboration with SWIFT for everything that we think could add value to our customers and to our own internal management,” said Alberto Arilla, the head of the SWIFT Global Center in BBVA’s CIB area.