Faster international paymentsOP transfers international payments to payees faster than before.
International payments rapidly and efficiently from payer to payee
OP is speeding up the transfer of international payments. Incoming and outgoing international payments will be transferred from payer to payee during the same day between the banks participating in the service. This doesn’t require any action by our customers – OP will automatically send all international payments complying with a set criteria faster, at the price of the payment instruction.
More efficient working capital management
Incoming funds will be available faster than before. With international purchases, the customer may make payments up to one week later than before and still respect the payment terms. Pay data, too, will be transferred faster to the payee in global companies. This makes cash and liquidity management more efficient.
The change enables improving processes further. For example, an order could be delivered faster, because the corresponding international payment will be visible in the seller’s account transactions already the same day.
Towards easier international payments
OP will gradually start transferring international payments to payees faster than before. Customer experience will improve thanks to transparency that enables a closer to real-time tracking of the payment, if needed. The improvement is based on SWIFT gpi or the Global Payment Innovation initiative of the Society for Worldwide Interbank Financial Telecommunications (SWIFT). SWIFT gpi significantly improves the speed and traceability of international payments in foreign currency compared to instant payments and zero value date payments.
Almost 1,000 leading transaction banks from Europe, Asia Pacific, Africa and the Americas have already adopted the service and more than 3,000 banks are expected to join later. OP is the first bank to provide this opportunity to businesses operating in Finland. The currencies presently available in the service include SEK, EUR, NOK, GBP and USD. We will increase the number of currencies available, if needed.
Incoming payments will be faster, too. If the payer's bank supports SWIFT gpi, the incoming payment will be transferred to the payee’s account during the same day.
Adopting this service doesn’t require any action by companies. If your company needs rapid payments in some other currencies, please contact OP Customer Service.