UNITED Overseas Bank (UOB) and Swift today announced that UOB has signed up for Swift global payments innovation (gpi).

According to Swift, UOB’s corporate clients will experience faster and more transparent business-to-business payment processing, including those across borders. Swift gpi will also make it easier for clients to track their payments at any point in time, enabling them to check if funds have been received by a beneficiary or if they are still being processed.

Frederick Chin, managing director and head of group wholesale banking, UOB, says that with a high proportion of UOB’s corporate clients engaged in cross-border business, Swift gpi will help to improve their cross-border payment experience.

“Swift’s innovative gpi solution is a valuable addition to UOB’s suite of financial solutions offered to clients. Through this collaboration, our clients will have greater visibility and control over their cross-border payments at any stage in the transaction process. Faster and more transparent payments will enhance supply chain efficiencies and also help clients engaged in international trade to optimise their cash flow and working capital – both critical to managing their business,” Chin says.

Michael Moon, head of payments of Swift Asia-Pacific, says, “A few months after going live, Swift gpi is already delivering tangible results, bringing speed, transparency and end-to-end traceability to cross-border payments. This is only the beginning as we are working closely with the industry to build additional services on top of the existing infrastructure, including the ability to send richer payment information or requesting for payment cancellation. UOB’s signing serves as further proof that Swift gpi is the future of cross-border payments.”

Since Swift gpi was launched in January 2017, 120 banks globally have signed up for the service.