Trade and Development Bank (TDB) became the first Mongolian bank to join the SWIFT payment system in 1996, which connects over 11,000 banks and financial institutions and more than 1,000 major corporations across 200 countries worldwide. Since then, TDB has maintained a close partnership with SWIFT, adhering to the organization’s payment services, international standards, and requirements.
Recently, TDB implemented the SWIFT SSNS system, meeting international requirements for combating money laundering and terrorism financing. Now, the bank has introduced the SWIFT GPI system into its international payment operations, further enhancing services for its customers.
We spoke with A. Delgersaikhan, Senior Specialist of TDB’s Payments and Operations Department, to learn more about this new system and its benefits.
Journalist: Hello!
A. Delgersaikhan: Hello! Greetings to you and your readers.
Journalist: To begin, could you briefly explain the SWIFT network to our readers?
A. Delgersaikhan: SWIFT is the world’s largest international payment network, established in 1973 by approximately 250 banks from 19 countries. It is headquartered in Belgium and is now the official system used by countries worldwide for processing financial transactions.
Journalist: Could you elaborate on the SWIFT GPI service? What are its unique features and advantages?
A. Delgersaikhan: The SWIFT GPI service was first introduced in 2017 and has since been adopted by around 4,000 major banks globally. The system processes an average of $300 billion in transactions daily.
Previously, when making or receiving international payments through the SWIFT network, delays could occur at intermediary banks, causing uncertainty and frustration for both the sender and receiver. It could take significant time to investigate the reasons behind such delays.
The SWIFT GPI system addresses these issues. It provides detailed, real-time updates at every stage of a payment—from initiation to when it reaches the recipient’s account. This includes information on fees deducted by intermediary banks.
In short, the system improves transparency and efficiency. It allows continuous monitoring of transactions, provides clear timelines, and enhances the speed of international payments.
Journalist: So, with this system, clients can track their international transfers in real time?
A. Delgersaikhan: Exactly. The SWIFT GPI system enables customers to track the status of their international payments in real time, from when the funds leave their account to when they reach the recipient’s account. The system shows which intermediary banks processed the transaction, any fees they deducted, and when the payment will arrive.
We started integrating this service into our international payment operations in 2021, and I’m pleased to announce that we successfully launched it on September 13th.
Journalist: It sounds like this brings more transparency and opportunities for customers. How can they access this service?
A. Delgersaikhan: Customers can visit any TDB branch or center to obtain real-time updates on their international payments, including details on where the funds are, which banks handled the transaction, and the associated fees. Additionally, our 24-hour customer service hotline at 1900-1977 is available to provide this information.
Journalist: Thank you for providing such clear and concise information.
A. Delgersaikhan: Thank you!