AscendantFX Capital announces SWIFT network membership


Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and FXC Intelligence and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors.… Read more
  • AscendantFX Capital is set to join the SWIFT GPI network.
  • SWIFT GPI provides end-to-end transparency on currency transfers.
  • This move comes as part of a commitment to implementing cutting-edge technological solutions where possible.

According to a press release announced today, the fintech disruptor AscendantFX Capital is set to join the SWIFT network, as well as the Global Payment Initiative (GPI) more specifically.

The SWIFT GPI provides end-to-end transparency on fees related to the deductions and exchange rates of international currency transfers.

This includes both the final amount paid to the person receiving the currency – i.e. the end beneficiary – and the transmission of full remittance information, which smooths out and secures the process of reconciling transactions in cross-border payments.

The net result of this is that there should be a significant reduction in the total volume of payment investigations, as well as the total time taken to resolve any investigations that do arise.

From a business perspective, this is an obvious move for a disruptive force such as AscendantFX Capital, and there are clear operational benefits to this partnership.

Membership of the SWIFT GPI network will allow currency transfers initiated by AscendantFX Capital to be processed much more efficiently, as well as giving customers more insight into where their money is routed through.

AscendantFX Capital aims to make this data accessible to customers through its online platform, known as aPay, as well as through its API solution, aPay Link.

For those looking to send money abroad using AscendantFX, this has clear benefits from the perspective of fee transparency.

This move shows that AscendantFX Capital is keen to stay at the front of the pack when it comes to implementing innovative technological solutions into its core business product, particularly when there is clear customer demand for it.

If you want to keep on top of all the latest online money transfer news, check out the news section for all the latest from our team of international payments industry experts.

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