This article first appeared in The Edge Financial Daily on May 7, 2019

KUALA LUMPUR: Malayan Banking Bhd (Maybank) has implemented the SWIFT gpi (global payments innovation) service for speedier as well as more convenient and secured cross-border remittances, including same-day overseas fund transfers to beneficiary accounts at banks under the SWIFT gpi platform — for transactions received within the banks’ cut-off time and where credit confirmation has been received.

In a statement yesterday, Maybank said it is the first local bank to roll out the SWIFT gpi, joining 160 major global banking groups in over 200 countries offering the new standard in global payments.

This enhanced cross-border payment service leverages SWIFT’s global payments innovation for secured high-speed cross-border payments on a cloud-based tracker platform.

The bank said the service has features offering customers a host of benefits including tracking cross-border payments, transparency on payment information, and a faster payment turnaround time for transactions received within specified cut-off times and in compliance with all relevant regulations.

Maybank group chief operations officer Jerome Hon said this service will deliver fast and trackable payments, and provide transparency on costs and charges.

“Customers, especially corporates handling large remittances regularly, will benefit from a reduced crediting time with faster access to funds remitted to them or their beneficiaries. In addition, the bank is able to initiate stop payment instructions via the SWIFT gpi tracker”, he added.

Hon said while the payment status and tracking information are currently available via branch counters or Maybank’s Customer Care, it is working to enhance the experience through interface into its online channels such as Maybank2u and Maybank2e by this year, so customers can view their payments conveniently.

“We see cross-border payments also benefiting from advancements in technology. Committed to being the digital bank of choice, we will leverage these capabilities to ensure they are on our digital platforms as well”.

Hon said the SWIFT gpi will also enhance customers’ budgeting and reporting processes, as they reconcile their accounts easily and know upfront the fees and foreign exchange costs incurred for each remittance.

Hon said Maybank’s commitment to creating a continuous value for its customers is shown via the SWIFT gpi implementation.

“We believe it will give our customers an added competitive edge and enhance their productivity given the real-time management capabilities that we are offering, helping them drive their business growth”.

Hon said online and over-the-counter remittances via Maybank have been increasing, with transaction volume growing some 13.5% in 2018 compared with that in 2017.