SWIFT is launching a Business Intelligence gpi Observer Analytics tool, a new resource for gpi banks to gain more comprehensive business insights into their gpi traffic flows.
The unique market and competitive analysis that gpi Observer Analytics provides will allow financial institutions to act on reliable and fact-based information to understand the current itinerary and speed of their payment instructions.
This will allow them to optimise payment routings and steer their cross-border payment strategies. In addition, it will enable financial institutions to fine-tune Service Level Agreements with their correspondent banks, leading to lower costs and faster payments and, ultimately, an improved customer value proposition.
By benchmarking and monitoring gpi payments at country, country corridor, and currency level, financial institutions will be able to see their activity shares, view gpi market practices and identify new business opportunities. They will also be able to use the tool to spot any outliers in their cross-border payment flows.
“The new SWIFT gpi Observer Analytics tool provides valuable insights into our cross-border gpi payment flows and market share”, said Graham Standfield, Senior Manager, Product Development, Customer Products & Services, National Australia Bank. “The Observer Analytics data will allow NAB to enhance the international payments experience for our customers through improved payment delivery management with our banking partners.”
Launched following a successful pilot with 17 banks, gpi Observer Analytics is now available to all gpi banks.
Harry Newman, Head of Banking, SWIFT, said: “Banks want to have much more information to help them better direct their payment messages. gpi Observer Analytics is designed to give gpi members deeper business insights into their gpi payment flows giving them routing intelligence and allowing them to benchmark against the wider gpi community.”