Sacombank becomes a member of GPI, a new initiative from SWIFT that has revolutionised cross-border payment transactions by providing faster real-time payment tracking and ensuring same-day settlement. — Photo courtesy of the bank

HCM CITY — Sacombank has become a member of the Society for Worldwide Interbank Financial Telecommunication’s Global Payments Innovation.

It is a new initiative from SWIFT that has revolutionised cross-border payment transactions by providing faster real-time payment tracking and ensuring same-day settlement.

According to SWIFT statistics, 95 per cent of GPI payments are credited to the final beneficiary within 24 hours, more than 40 per cent of them within five minutes and almost 60 per cent in less than 30. It used to take up to five days in the past.

The new system allows users to track payment status in real time like a parcel.

Sacombank's investment in GPI despite the complicated developments of the COVID-19 pandemic and prolonged social distancing is meant to benefit import and export enterprises.

Next month it plans to launch the SWIFT GPI Global Payment Query Service to enable customers to check their transactions online.

Becoming a GPI member is part of its digitisation efforts to remain a leading retail bank in Việt Nam. — VNS