• "Transformer has brought a great deal of agility to the development of our next generation of payment frameworks, and also made it much more efficient" Vivek Awashti, Chief Technology Officer, Currencies Direct
  • "We are very happy to be working with Trace Financial" Vivek Awashti, Chief Technology Officer, Currencies Direct
  • "We think Transformer is a fantastic product and it is an integral part of our Enterprise Messaging strategy going forward" Major American FI
  • "We implemented a SWIFT message in half a day; the programmer said it would normally take him five days " Tier One Global FI
  • "From watching the demo I am able to use the product straight away and create and test complex messages and mappings quickly and easily" Regulatory Reporting Authority
  • "The in-built testing capabilities of Transformer have allowed us to validate the integrity of new message formats … much more quickly, and with greater confidence" Capital Markets Service Provider and Reporting Authority
  • "Transformer gives us more flexibility to support the diversity of our rapidly-growing client base, and to ease the integration process for new clients " Head of Product Management, Earthport
  • "Transformer’s ability to elegantly handle complex financial messaging scenarios is proof both of its power and of Trace's depth of understanding of the standards" SWIFT
  • "With such a powerful tool in place we’re now thinking of extending our message conversion services to other business areas" Sergei Putyatinsky, CIO, NSD Moscow
  • "Transformer … has enabled our business analysts and Quality Assurance team to create and comprehensively test financial message transformations" Capital Markets Service Provider and Reporting Authority
  • "Independent tests scored Transformer at 100% for message transformation" SWIFT
  • "We were able to create, test and deploy mappings that took three months in XSLT within three business days" Latin American software company
  • "Transformer is an integral tool within our technology infrastructure, helping to further accelerate the speed to market as we on-board clearing banking partners in new countries" Head of Product Management, Earthport
  • "Using Transformer has simplified the process of working with multiple industry messaging standards" Integration Architect, U.K Investment Manager
  • "Transformer is the only messaging technology that we have found that really can be used by a business analyst" Major European Investment Manager
  • "Transformer has … allowed us to use analysts rather than developers to build our mappings, improving our time-to-market, reducing cost and increasing the quality of our solutions" Integration Architect, U.K Investment Manager
  • "I am indeed impressed and have not experienced this level of support from a corporate vendor to date. Excellent choice!" Major South African FI
  • "With Transformer handling the complexity behind the integrations, our teams can concentrate on our payment product - instead of worrying about technical message transformations" Vivek Awashti, Chief Technology Officer, Currencies Direct
SWIFT gpi

SWIFT gpi

SWIFT introduced its gpi (global payments innovation) initiative in November 2017 as a way of enhancing cross-border payments processing. Gpi ensures that customer credit transfers are processed faster, with greater transparency regarding fees, and with full end-to-end tracking. More than 160 banks now belong to the SWIFT gpi CUG (Closed User Group) and follow the gpi rulebook.

Gpi payment messages must be handled in real time and processed immediately. The final instructed bank in the chain must make funds available to the creditor with same-day value.

Gpi is underpinned by the provision of two new fields in the message header of the relevant MT format messages (such as the MT103 Customer Credit Transfer). These are the Unique End-to-end Transaction Reference (UETR) and the Service Type field.

However, much of the detailed functionality is provided via the Tracker, a service that allows users to monitor the payment from start to finish, even if several correspondent banks are involved in a chain. As each bank initiates or handles a gpi payment, it sends a confirmation message to the Tracker, using either a structured narrative message (MT199, 196, 192 or 299) or an API call. The Tracker’s browser-based GUI is then used by gpi participants to monitor payment flows.

 


Transformer and SWIFT gpi

At Trace Financial we have developed a specific Transformer SWIFT gpi library which is able to produce correctly structured gpi confirmations. The mapping converts a number of separate data values into the single combined narrative field (or vice versa).

Further gpi enhancements are scheduled for the November 2018 standards release, to support cover payments (MT202) and to allow ‘Stop and Recall’ messages to be sent to the Tracker. The Transformer gpi library has already been updated in readiness for this.