Jakarta, January 8, 2019 --- PT Bank Negara Indonesia (Persero) Tbk or BNI recorded US$85.3 billion in remittances in December 2018, an increase of 14.2 percent year-on-year (yoy). To improve its transaction volume and remittance service quality in 2019, BNI made a breakthrough by becoming an exclusive member of the Society for Worldwide Interbank Financial Telecommunication - Global Payment Innovation (SWIFT GPI). BNI became a pioneer or the first “Go Live” SWIFT GPI bank in Indonesia on Jan. 9.
As a member of SWIFT GPI, BNI can provide interstate financial transaction services that are faster, more transparent and easier to track. This is made possible because SWIFT GPI applies a unique end-to-end transaction reference (UETR) code that can be monitored, allowing transaction positions to be tracked in real time.
SWIFT GPI is a new standard in interstate global payments, with improvements to the payment process and a system of transparency that was previously applied through SWIFT. Standards of SWIFT GPI are published by a money transfer service provider that has 10,400 members in 200 countries, both banks and nonbanks. BNI is one of the 360 banks worldwide that became a SWIFT GPI member.
Through SWIFT GPI, BNI is committed to improving services to customers, either corporate or retail, who need money transfer services that cater to their needs. The customer’s biggest demands are information on the transaction position and assurances on transaction travel times.
“Previously, we needed to go through several phases to find money transfer transactions. First, we had to ask about the transaction status with an intermediary bank through MT 199 and wait for a reply, and we could not predict the time. With SWIFT GPI, banks and customers know where the transaction is in real time,” director of treasury and international business at BNI Rico Rizal Budidarmo said in Jakarta on Jan. 8.
As a pioneer in SWIFT GPI-based transactions in Indonesia, BNI will continue to develop the system to fulfill customer needs. “For the next phase, we will develop a SWIFT GPI transaction tracking application that can be accessed by customers through gadgets, so they can track their personal transactions directly on their smartphones,” Rico added.
Banks that are not members of SWIFT GPI cannot monitor the transaction process. Customers of banks that are not members of SWIFT GPI also cannot monitor the transaction position, and transaction travel times cannot be identified because the sender and the recipient do not know how many banks the transaction goes through.
Three benefits
There are three benefits of SWIFT GPI, namely speed, transparency and tracking. Speed means that the transaction of money transfers can be done on the same day the transaction is conducted (same-day service). This is because each member of SWIFT GPI should relay the transaction within a predetermined and limited period. Therefore, there are no transaction delays on one side. Transparency means that there is transparency surrounding information that can be accessed by all parties, such as payment detail, payment confirmation and costs from each bank. Tracking means that all transactions can be tracked by all parties.
To improve the operational performance of money transfers, BNI obtained the certificate Quality Management System (SMM) ISO 9001: 2015 for remittance processing services. The certification shows that, on the operational side, the bank has proven it can carry out the remittance process as a result of standardized secure, accurate, fast and efficient (SAFE) components.
About BNI Smart Remittance
BNI Smart Remittance helps with money transfers from abroad to Indonesia or from Indonesia to abroad. BNI’s money transfer service from abroad is supported by a reliable system, and broad international networks through six foreign branch offices, two representative offices, BNI Remittance Limited in Hong Kong and 1,600 correspondent banks worldwide.
Money transfers from abroad to Indonesia can be received in BNI’s bank account, other bank accounts or be withdrawn in cash at BNI branch offices, Agen46, postal offices, Pegadaian, Alfamart and other partners that cooperate with BNI.
Collaborating with banks worldwide, BNI can also transfer money abroad with the same-day service, yuan remittances, won remittances, local currency settlement (LCS) with Malaysia and Thailand and money transfers involving 125 currencies worldwide.