PETALING JAYA: Maybank has implemented the SWIFT gpi (global payments innovation) service that will enable customers to enjoy speedier as well as more convenient and secure cross-border remittances.

This includes same day overseas fund transfers to beneficiary accounts at banks under the SWIFT gpi platform (for transactions received within the banks’ cut-off time and where credit confirmation has been received).

Maybank is the first local bank to roll out SWIFT gpi and joins a league of 160 major global bank groups in over 200 countries offering this new standard in global payments.

It said in a statement that the enhanced cross-border payment service leverages SWIFT’s global payments innovation to enable secured high speed cross-border payments on a cloud-based tracker platform.

“It is equipped with various features that will offer customers a host of benefits including tracking of cross border payments, transparency on payment information and faster payments turnaround time for transactions received within specified cut-off times and which are in compliance with all relevant regulations.”

Maybank Group chief operations officer Jerome Hon said the implementation of this payment service will deliver fast payments that are trackable, and provide transparency on costs and charges.

“Customers, especially corporates handling large amounts of remittances regularly, will benefit from the reduced crediting time with faster access to funds remitted to them or their beneficiaries. In addition, the bank is able to initiate stop payment instructions via the SWIFT gpi tracker,” he added.

Remittances via Maybank – both online and over-the-counter – have been on an increasing trend with transaction volume growing 13.5% in 2018 compared with 2017.