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Fibank joined the SWIFT Global Payment Initiative for fast and transparent international payments

October 7, 2019

The bank is the first in Bulgaria to offer its customers the innovative SWIFT gpi service

In today's fast-paced digital world, users are demanding the ever faster and more secure services that evolve with the advancement of technology. Always customer-oriented and a leader in innovation, Fibank (First Investment Bank) has joined SWIFT gpi: a global solution providing fast and transparent international payments. From September 2019 the bank started offering international payments through the new SWIFT platform, which significantly improves the speed and traceability of cross-border transfers. Thus, Fibank became one of the leading banks worldwide participating in SWIFT gpi and the only one among credit institutions in the country.

According to SWIFT data, 36% of gpi transfers are credited to the beneficiary's account within 5 minutes of initiation, 53% within 1 hour and 96% within the same day. Apart from speed, a major advantage of the new platform is the real-time traceability through the tracking identifier included in the SWIFT payment message. To date, 660 banks participate in SWIFT gpi, making daily international payments of more than USD 300 billion.

For years, Fibank has been providing fast and secure international payment services through its extensive correspondence network, in collaboration with leading global banks. First Investment Bank is the first and still the only direct participant in Bulgaria in EBA Clearing (the largest clearing house in Europe). Fibank maintains correspondent accounts not only in the major currencies (Euro, US Dollar, Swiss Franc and British Pound), but in various other leading currencies such as Chinese Yuan, Japanese Yen, Canadian Dollar, Russian Ruble, Norwegian Krone, etc. Seeking to meet the needs of an increasingly global business, Fibank also enables customers to make international transfers in more than 110 exotic currencies.

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