Insight & Analysis

Press release: Hang Seng strengthens cross-border payment capabilities through partnership with SWIFT

Published: Jun 2018

19th June 2018 – Hang Seng Bank, the leading domestic bank in Hong Kong, has gone live on SWIFT’s global payments innovation (SWIFT gpi) service, which aims to increase the speed, transparency and traceability of cross-border payments for banks and customers.

As the new standard for cross-border payments, the gpi service already accounts for 25% of all SWIFT customer payments. Hundreds of thousands of gpi payments are being sent on a daily basis. Over 160 banks globally have signed up for the service, with more than 50 of these having already gone live.

SWIFT gpi facilitates faster payments to end-beneficiaries, with most payments being credited within minutes, or even seconds. The service also enables customers to easily track the status of payments. In going live on SWIFT gpi, Hang Seng will enhance the cross-border payment service experience for its customers.

Mr Donald Lam, Head of Commercial Banking at Hang Seng, said: “Hang Seng is committed to providing commercial customers with seamless and reliable cross-border financial solutions that enable them to take advantage of new opportunities and grow their business across the region. With SWIFT gpi, our customers will benefit from a more efficient and transparent payment process as part of our ongoing efforts to strengthen our cash management capabilities.”

Mr Michael Cheung, Head of North Asia, SWIFT, said: “SWIFT gpi has set a new standard for cross-border payments, drastically increasing speed, transparency and traceability. Transactions can now be credited to their end-beneficiary in a matter of minutes and tracked in real-time. As Hong Kong remains a major financial hub and the gateway to China, we are delighted to support its growth and ambitions with gpi and we look forward to working closely with Hang Seng Bank to help them deliver value to their customers.”

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