IDBank is one of the first Armenian banks to go live with SWIFT global payment innovation (gpi) service.

It allows to make cross-border payments service considerably faster and more transparent, as well as to monitor the entire route of transfers or stop and recall the payment․

With the innovation brought by SWIFT gpi, IDBank improves the services provided to its customers, enabling unprecedented levels of speed and predictability of international transfers. With the interactive gpi Tracker application, IDBank monitors the status of payments in real time and checks the information on each bank in the transfer chain, including the fees charged at each stage. When the transfer reaches the beneficiary, the gpi Tracker sends an alert to the bank. On average, 40% of gpi payments are credited to the final beneficiaries within 5 minutes, 50% within 30 minutes, and almost 100% within 24 hours.

“SWIFT gpi standardizes the way in which banks process cross-border payments at a global level. We are delighted to be among the first banks in Armenia to implement this innovative service that will help ensure the effectiveness and transparency of intenational transfers for our corporate and retail clients. Being committed to deliver innovative solutions and add value to the banking experience for our clients, we also intend to develop additional efficient products based on the benefits brought by SWIFT gpi,” Mher Abrahamyan, Chairman of the Management Board at IDBank said.

We are delighted to welcome IDBank to the SWIFT gpi family. By adopting SWIFT gpi, IDBank will be able to offer its customers a best-in-class cross-border payments service that is fast, innovative, transparent and trackable. We look forward to working with IDBank as it integrates further gpi services into its customer offering and encourage other banks in Armenia to follow suit,” Ekaterina Kalinina, Head of Russia & CIS, SWIFT said.

SWIFT gpi was introduced in 2017 and already has around 830 member financial institutions worldwide. One million cross-border payments are made daily over gpi, enabling banks and their customers to take advantage of all the benefits that the service offers.