How to verify a SWIFT transfer?

Verifying SWIFT Transfers with the SWIFT gpi Network

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) has revolutionized payment verification through the SWIFT gpi (Global Payments Innovation) network. This innovative platform offers real-time tracking and confirmation of SWIFT transfers, ensuring transparency and peace of mind.

Step 1: Initiate an MT199 Message

To initiate a SWIFT transfer verification, you need to send an MT199 message through your bank’s SWIFT interface. The MT199 message contains essential information about the transfer, including the sending and receiving bank details, amount, and currency.

Step 2: Transmit to the Designated gpi Tracker BIC

The MT199 message should be transmitted to the designated gpi Tracker BIC (Bank Identifier Code). This unique identifier links the transfer to the SWIFT gpi network, enabling real-time tracking.

Step 3: Update of the Tracking System

Upon receiving the MT199 message, the designated gpi Tracker BIC instantly updates the tracking system. This system provides a comprehensive view of the transfer’s progress, including its current status and any relevant updates.

Step 4: Real-Time Confirmation of Completion

The SWIFT gpi network tracks the transfer until it reaches the originating institution. When the transfer is complete, real-time confirmation is transmitted back to the initiating institution. This provides immediate confirmation that the funds have been successfully transferred.

Benefits of SWIFT gpi Payment Verification

• Transparency: Provides real-time visibility into the transfer’s progress, eliminating uncertainty.
• Speed: Fast and efficient tracking ensures timely confirmation of completion.
• Peace of Mind: Real-time updates reduce the risk of fraud and unauthorized transactions.
• Compliance: Adherence to industry standards and regulations enhances trust and security.

Conclusion

SWIFT gpi has transformed SWIFT transfer verification, making it a seamless and secure process. By utilizing the MT199 message and the designated gpi Tracker BIC, businesses and individuals can verify their transfers in real-time, ensuring timely and accurate payment processing. The benefits of transparency, speed, peace of mind, and compliance make SWIFT gpi an essential tool for efficient and reliable international payments.