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Tuesday, March 27

SWIFT expands tracking capabilities

Society for Worldwide Interbank Financial Telecommunications (SWIFT) has said that it has expanded the GPI(Global Payment Innovation) Tracker system which helps bank to track its global transaction at all times and keep vigil on its payment activity.

Recently Reserve Bank of India has asked all banks to link its core banking solution with SWIFT(Society for Worldwide Interbank Financial Telecommunications) interbank messaging system by April 30.

About SWIFT.
  • SWIFT is a messaging networks that financial institution use to securely transmit information and instructions through an identification codes. 
  • SWIFT Codes mostly used for international wire transfers which consists of 8 to 11 alphanumeric characters.
  • It is founded in 1973, headquarters in La Hulpe, Belgium.
  • International Organisation of Standardization which approves the creation of SWIFT Codes.

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