Ukraine joins SWIFT gpi

Ukraine's state-run Oschadbank says SWIFT global payments innovation (gpi), a cross-border payment technology, has been launched in Ukraine.

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"More than 180 financial institutions have already joined the service worldwide. Today, over US$100 billion is daily sent via SWIFT gpi through more than 450 international payment channels. Some 79% of Oschadbank's intermediaries use gpi, while 73% of international transfers from Oschadbank are performed through correspondent banks connected to gpi," the Oschadbank's press service said in a statement on August 27.

According to the bank, the technology allows cross-border payments to be made faster and more transparent. About half of the gpi-payments are made within 30 minutes, and almost 100% are channeled within 24 hours.

Ilona Pouna, a regional manager at SWIFT responsible for the Baltic countries, Poland and Ukraine, says the gpi technology was launched in Ukraine for the first time.

According to SWIFT, the technology allows users to track payment from end-to-end in real-time.

Now Oschadbank in cooperation with SWIFT is involved in the creation of a service to suspend or withdraw payments. The bank hopes gpi payments will have become an international payments standard by the end of 2020.