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SWIFT payments are wire transfers

SWIFT is advancing its solutions to address capital market challenges. Reduce costs and risks with securities transaction and FX market solutions

What do we Offer?

SWIFT payments are a type of international transfer which are sent via the SWIFT international payment network.

The SWIFT international payment network is one of the largest financial messaging systems in the world. GMX can receive multiple currencies via SWIFT payment.

GMX customers receive dedicated SWIFT accounts with their own IBANS in multiple currencies and are then part of our global payment system enabling them to send and receive payments from their customers around the World.

SWIFT uses internationally standardised messages, it is a transparent way for institutions to communicate

Each transaction contains a unique reference number, bank operation codeĀ and details of charges incurred during the transaction.

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Transparency

WIFT payments clearly detail the amounts involved in the transaction, the route it takes between banks, the details of all charges and the nature of the payment

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Traceability

SWIFT details the route of the transaction between banks and the amount of money involved

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Consistency

Due to the consistency of how messages are structured, payment information is easy to decipher regardless of country or language barriers

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Business Intelligence

SWIFT has recently introduced dashboards and reporting utilities which enable the clients to get a dynamic, real-time view of monitoring the messages, activity, trade flow, and reporting.

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Applications

Real-time instruction matching for treasury and forex transactions, banking market Infrastructure for processing payment instructions between the banks

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Compliance Services

SWIFT offers reporting and utilities like Know Your Customer (KYC), Sanctions, and Anti-Money Laundering (AML).