The global payment innovation (gpi) initiative of SWIFT has launched the pilot testing of a new solution to bring real-time payment tracking to treasury applications.
The aim of the test is to build an enhanced multi-bank standard to improve cross-border payments experience. It was designed and built in conjunction with 10 multi-national corporates and 12 leading banks.
This new service streamlines the process for corporate treasurers by empowering them to initiate and track gpi payments to and from multiple banks in a single format and integrate this solution with their own management systems.
By tailoring SWIFT’s global payments innovation (gpi) for multi-banked corporates, providers and banks can give corporates better visibility and transparency, improve payments certainty, traceability, exception handling and allowing them to reconcile directly in their treasury operations.
Those participating in the pilot include: Airbus, Bank of America Merrill Lynch, BBVA, BNP Paribas, Booking.com, Borealis, Citi, Deutsche Bank, General Electric, IATA, Intesa Sanpaolo, J.P. Morgan, LVMH Moët Hennessy Louis Vuitton, Microsoft, National Australia Bank, Ping An Group, Roche, RTL Group, Sumitomo Mitsui Banking Corporation, Société Générale, Standard Chartered Bank and UniCredit.
SWIFT gpi is a cross-border payments solution which lets corporates send and receive funds from around the world. Its solution boasts end-to-end payment tracking, remittance information collection, fee transparency and same day transfers.
Launched in 2017, SWIFT gpi has more than 180 banks signed up and accounts to nearly 10 per cent of SWIFT’s cross-border payment traffic. There are over $100bn in SWIFT gpi messages sent daily, according to the company.
The solution has been built through a number of SWIFT-led co-creation workshops with banks and corporates. It supports FIN & ISO 20022 standards which enable corporates to access payment status across SWIFT and bank proprietary channels.
SWIFT global head of corporates Marc Delbaere said, “Corporates want to track payments in real time and get confirmation of credit to the beneficiary’s account.
“This new multi-bank capability will enable that experience in a consistent fashion, across multiple banks and multiple corporates. Having this information instantly in the corporate treasury space is what corporate customers are asking for.”
SWIFT is a messaging and standards for communicating business, offering products for banking, and securities. The Belgium-based company supports the identification, analysis and regulatory compliance of companies.
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