Vietcombank becomes the first bank in Viet Nam receiving SWIFT’s Global Payments Innovation Initiative (GPI) certificate. — VNS Photo

Vietcombank has received SWIFT’s Global Payments Innovation Initiative (GPI) certificate, becoming the first bank in Viet Nam to gain the accolade.

Speaking at the SWIFT go-live announcement ceremony in Ha Noi on Monday, Le Hong, SWIFT’s representative in Viet Nam, said Vietcombank is the 60th bank worldwide to receive the certificate.

“SWIFT highly values Vietcombank’s efforts to successfully implement GPI within only six months even with the bank’s large number of transactions and numerous payment systems,” Hong said. “The bank is also a pioneer in bringing the best services to customers.”

Dao Minh Tuan, Vietcombank’s deputy general director, said becoming a GPI bank will boost Vietcombank’s efforts to provide comprehensive money transfer solutions to customers. He also said Vietcombank plans to launch new functions to increase transaction speeds in the coming phases of its GPI project.

SWIFT GPI has links with 165 banks around the world, of which more than 50 are officially GPI banks. These include some of the world’s leading banks such as JPMorgan Chase, Wells Fargo, Deutsche Bank, and HSBC, as well as Citibank. Banks belonging to the SWIFT community account for over 25 per cent of total commercial payment transactions in the world.

SWIFT aims to have all cross-border payment transactions implemented by GPI banks by 2020. — VNS