Equiniti Business Payment Services (formerly EQGlobal), the international payments division of Equiniti Group, has announced that it has partnered with SWIFT, the global provider of secure financial messaging services.
The collaboration, which sees Equiniti Business Payment Services join SWIFT Alliance, will deliver clients a suite of products and services that include the widest and most cost-effective range of payment methods across a choice of speeds.
Equiniti Business Payment Services’ fast and accurate cross-border service – enhanced by SWIFT gpi technology – will also provide its customers with the ability to stop and recall payments and speed up the turnaround time for resolving failed or pending payments.
Customers will be able to search and view all the variables linked to a specific currency and payment method across all countries via a user-friendly interface, underpinned by the centralised, reliable resource of SWIFTRef. It will also validate input data related to the payment method, beneficiary and corresponding bank details and provide real time feedback to customers to ensure all mandatory information is captured in the correct format. This will help achieve nearly a 100% straight-through processing rate.
Mark Churley, MD of Equiniti Business Payment Services, said “Payments is at the core of our business and as a Group we are responsible for processing over £100 billion in value each year. We are delighted to be partnering with industry leaders SWIFT. This partnership provides us with new innovations which will transform our customer offering, domestically and internationally.”
“There will be tangible benefits to our customers with the speed of payments increasing, an improved customer experience with real-time tracking, responsive validation and insights into payment requirements and reduced time to resolve cases of failed or pending payments. We are investing heavily to maintain our market-leading proposition and this partnership is just the first step of many in this journey.”
Cate Kemp, Head of UK, Ireland and Nordics at SWIFT, said “We are delighted to extend our relationship with Equiniti in what is such an exciting time for our industry. With gpi, we are transforming the speed, transparency and traceability of cross-border payments across the globe. By partnering and innovating with our customers we are able to offer client centric innovation and reduced friction enabling cross-border transactions that are as seamless and as real-time as domestic payments.”