Sterling Bank Plc is now on SWIFT Global Payments Innovation (GPI).
In a statement, the bank said SWIFT GPI has improved the customer experience by increasing the speed, transparency, and end-to-end tracking of cross-border payments.
The bank’s Executive Director, Corporate and Investment Banking, Yemi Odubiyi said the introduction of SWIFT GPI has transformed cross-border payments for customers.
‘’As a key player committed to the digital transformation of the financial sector, the bank has delivered the solution to its customers.
‘’Sterling is the first bank in Nigeria and West Africa to achieve SWIFT GPI implementation, as this was driven by our commitment to provide faster, transparent, and traceable international payments,’’ Ogunbiyi said.
He added that other benefits of SWIFT GPI include receiving a confirmation message when the beneficiary has been paid, ensuring remittance data is unchanged when the payment arrives at the destination bank, stop and recall – Allowing payment messages to be immediately stopped in case of fraud or error, no matter where they are in the GPI transaction chain.
About 40 percent of SWIFT GPI payments are credited to end-beneficiaries within five minutes, 50 percent are credited within 30 minutes, and almost 100 percent within 24 hours.