Bank introduces new payment system

BANK South Pacific (BSP) introduced its global payment system Swift global payments innovation (Swift GPI) last week in efforts to enhance its payment platforms making it quicker and more secure.
According to deputy chief operating officer Frank van der Poll, Swift GPI was the new standard in global payments and was based on existing messaging standards and bank payment processing systems, making it quick and cost-effective to adapt to the new norm.
“For BSP, adapting to this new standard of global payments, allows the bank to send and receive funds quickly and securely to anyone, anywhere in the world, with full transparency over where a payment is at any given moment,” he said.
Van der Poll said the tracking of international payments and telegraphic transfers could now be tracked conveniently through online tracking, instead of through corresponding banks which would take longer.
“Swift GPI dramatically improves cross-border payments across the correspondent banking network, and especially for corporates of which speed, certainty and a smooth international payments experience is an absolute must, and BSP is pleased to be on board,” he said.
Van der Poll thanked the BSP international operations team, under the leadership of Merolyn Samson, and the BSP project management office and the BSP information technology team who have worked tirelessly over the last couple of weeks to install the system.
He said that BSP would continue to look at ways of enhancing its products and services to ensure it provides convenient services.