KUALA LUMPUR: Bank Islam Malaysia Bhd aims to achieve at least a 15% increment in foreign remittance volume within the next 12 months with the implementation of the SWIFT Global Payment Innovation (gpi) service.
The effort would also complement the bank’s target on fee-based income as it joined the 550 other banks in over 200 countries offering this new standard in global payments, according to chief executive officer Mohd Muazzam Mohamed.
“Customers are in a better position to pay for international goods and services in a fraction of the time, shorten their supply cycles and reduce their exposure to foreign exchange risks, as well as receive the real-time end-to-end view of their cross-border payments, costs and charges involved,” he said in a statement today.
Mohd Muazzam said the bank’s SWIFT gpi service is now available via its 144 branches nationwide.
SWIFT is a global member-owned cooperative and the world’s leading provider of secure financial messaging services.
It facilitates global and local financial flows as well as supporting trade and commerce.
SWIFT’s messaging platform, products and services connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories.
The service has been adopted by 3,550 financial institutions around the world, including all 60 top banking groups on SWIFT.
It is expected that all institutions on the SWIFT network will adopt gpi by the end of this year. – Jan 19, 2020 Bernama
