Sacombank joins new SWIFT service for same day global payments

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

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

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 Viet Nam. — VNS

  • Share:

see also

Digital banking services in Việt Nam make remarkable stride

Digital banking services in Việt Nam make remarkable stride

More than 87 per cent of Việt Nam’s adult population now hold payment accounts at banks while many credit institutions are processing more than 95 per cent of transactions through digital channels.
Banking sector asked to move past difficulties, create breakthroughs

Banking sector asked to move past difficulties, create breakthroughs

Visiting the State Bank of Vietnam (SBV) on the first working day after the nine-day Tết holiday - PM Phạm Minh Chính commended the central bank for proactively monitoring both international and domestic economic developments.
Banks selling mortgaged assets to recover bad debts

Banks selling mortgaged assets to recover bad debts

Many banks are rushing to sell mortgaged assets to recover bad debts, as these types of debts are forecast to increase slightly this year.
Bank credit up 11.3% in HCM City in 2024

Bank credit up 11.3% in HCM City in 2024

HCM City credit institutions’ total loans outstanding as of the end of last year were worth over VNĐ3.9 quadrillion (US$153.3 billion), a 11.3 per cent increase for the year, according to the central bank.
Home loan interest rates to inch up in 2025

Home loan interest rates to inch up in 2025

However, the home loan interest rates will be still lower than that before the COVID-19 pandemic, analysts say.