Months after the successful launch of its ‘SWIFT gpi’ payment system in February, Qatar International Islamic Bank (QIIB) launched the third phase of the project which expedites incoming payment confirmations to customers.
QIIB is the only Qatari bank to reach this stage of implementation
Phase 3 of the project enables confirmations to be sent to the remitting banks, quickly and accurately, when funds are deposited in customers’ accounts at QIIB or when payments are suspended for any reason whatsoever. These notifications include compliance inquiries or other inquiries, which facilitate the verification thereof and reduce the cost of follow-ups paid by the customer and the bank.
One of the modern forms of cross-border payments SWIFT gpi offers high-tech features and includes real-time tracking capabilities for internal and external payments. The method offers greater “transparency and speed” by allowing customers to know the foreign currency exchange rates and all fees related to their transfers.
The system also offers transaction logs with all details such as time, date, place, country and commission, with acknowledgment of receipt in the recipient’s account which allows tracing of each component of the transaction.
The SWIFT gpi system also facilitates near-instant payment information being made available to the customer. More than half of the payments can be made within 30 minutes while all transfers, without exception, can be made within 24 hours maximum, providing hassle-free service to customers. They can also access transparent information at every step.
QIIB’s Chief Operations Officer, Mohammed Khair Barhoumeh remarked that “We are pleased to launch phase 3 of this technologically advanced service, which is in line with our digital transformation strategy and our efforts to enhance our technological solutions so as to provide the best and most transparent banking experience to customers”.
Mr. Barhoumeh further added that “The new phase will have a direct impact on the various internal and external payment operations. Customers will feel the difference in terms of speed and information that can be provided in addition to the much lesser efforts needed to obtain information regarding their payments. These are a natural outcome of technological advancement, in which we seek to be pioneers, so as to enhance our operations and strengthen our customers’ confidence and loyalty.”
“QIIB’s implementation of Phase 3 of the SWIFT gpi payment system, which we launched in last February, had a great impact in terms of speeding up work, increasing its accuracy, providing the required information in record time, enhancing trust and transparency and observing the latest banking standards,” Mr. Barhoumeh affirmed.