BLOM BANK is the First Bank in Lebanon to Introduce the New SWIFT Global Payments Innovation (SWIFT gpi) Service
BLOM BANK is proud to announce that it is the first bank in Lebanon and among few banks in the region to introduce the new SWIFT Global Payments Innovation service (SWIFT gpi) to its clients thus joining a growing network of around 280 leading banks worldwide which are offering this advanced service.
SWIFT gpi has been the biggest change to come to cross-border payments in the past 30 years and it is set to become the standard for all cross-border payments made on the SWIFT network by the end of 2020. According to SWIFT, the strong demand for SWIFT gpi is being driven by the demand for speedier, more transparent cross-border payment services knowing that customers in the digital age are demanding not only faster settlement, but also improved customer service around their international transfers. SWIFT gpi dramatically improves the customer experience in cross-border payments by increasing their speed, transparency and end-to-end tracking.
Antoine Lawandos, AGM and CIO, BLOM Bank, said: “By being the first bank in Lebanon to implement the SWIFT gpi, we are now well equipped to provide our retail and corporate clients with the best-in-class quality of service for cross-border payments which are now faster, more transparent and more traceable. Settlement times are now predictable since SWIFT gpi provides tracking information on the status of remittances at all stages. Also, FX rates and charges applied throughout the payment cycle are now more visible thus providing our customers with increased peace of mind”.
Also, and by adopting the SWIFT gpi standard, BLOM Bank is able to offer, in the near future, additional services to clients thus benefitting from the increased layer of security embedded into the SWIFT gpi platform which provides the option, when needed and appropriate, to stop and recall payments depending on circumstances.
BLOM Bank would also be benefiting from better tracking tools and processes to speed up the time it takes to solve enquiries as the gpi Tracker enables banks to access the information they need – including payment status, bank fees, payment instruction information, correspondent details, proof of payment – immediately and without depending on counterparties. This reduces costs and improves customer service.
Sido Bestani, Regional Director, Middle East, Turkey & Africa at SWIFT, said: “We are delighted to see BLOM Bank go live on SWIFT gpi. The bank’s customers can now start reaping the benefits of what is
fast becoming the new industry standard for cross-border payments. Banks in Lebanon have come together to embrace SWIFT gpi as a community and we look forward to seeing more banks go live in the coming months.”
Antoine Lawandos concluded: “We are proud to have introduced the needed changes on our systems to implement the SWIFT gpi in record time. We are now more than ever Ready for the Future of cross-border payments!”