Close on the heels of launching the ‘SWIFT gpi’ payment system in February this year, leading Islamic bank QIIB has launched the third phase of the project, which facilitates confirmation of incoming payments.
QIIB is the first Qatari bank to implement this phase.
This phase allows confirmations to be sent to the remitting banks, quickly and accurately, when funds are deposited in customers' accounts at QIIB or when payments are suspended for any reason whatsoever. These include compliance inquiries or other inquiries, which facilitate the verification thereof and reduce the cost of follow-ups paid by the customer and the bank.
‘SWIFT gpi’, which is one of the latest services in the cross border payments, provides high-tech features and the possibility to track internal and external payments in real time until their completion.
The Swift gpi service also provides “transparency and speed” allowing customers to know the foreign currency exchange rates and all fees related to their transfers, which can be completed with more speed and accuracy.
Moreover, the system provides “great flexibility” to the customer concerned who can now follow his/her money transfers with all details such as time, date, place, country and commission, with acknowledgment of receipt in the recipient’s account.
One of the most important features of the SWIFT gpi system is that it allows payments information to be made available faster, and can be as fast as a few minutes in some cases.
More than half of the payments can be made within 30 minutes while all transfers, without exception, can be made within 24 hours maximum, providing hassle-free service to customers.
QIIB chief operations officer Mohamed Khair Barhoumeh said, “We are pleased to launch Phase 3 of this technologically advanced service, which is in line with our digital transformation strategy and our efforts to enhance our technological solutions so as to provide the best and most transparent banking experience to customers".
He said, "The new phase will have a direct impact on the various internal and external payment operations. Customers will feel the difference in terms of speed and information that can be provided in addition to the much lesser efforts needed to obtain information regarding their payments.
Barhoumeh affirmed, "QIIB's implementation of Phase 3 of the SWIFT gpi payment system, which we launched in last February, had a great impact in terms of speeding up work, increasing its accuracy, providing the required information in record time, enhancing trust and transparency and observing the latest banking standards. With the implementation of Phase 3, the system will be able to provide greater potentials, not to mention accuracy, speed and ability to save time, effort and costs".
QIIB chief operations officer hopes that "future services of the SWIFT gpi system will be launched in the near future as part of QIIB payment operations", noting that "the bank will spare no effort to provide the best services that meet the aspirations of the bank's customers".