SWIFT launches enhanced gpi service to enable multi-banked corporates to initiate and track payments across all their banking partners.
The new capability is designed and built in conjunction with banks and corporates.
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And, says SWIFT, more than 50 of the world’s largest companies have already signed up to the service.
SWIFT’s enhanced gpi service follows a successful pilot with 22 corporates and banks. Firms participating include Bank of America Merrill Lynch, BNP Paribas, Citi, Deutsche Bank, JP Morgan, Société Générale and Standard Chartered.
The banks collaborated to scope the project, define standard and business practices, and test the functionality within their treasury systems.
In particular, the enhanced gpi service affords corporates a single centralised and standardised view across all their banking partners. The service allows corporates to track all their payments in real-time.
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By GlobalDataMoreover, it facilitates more accurate reconciliation, and preventing costly and time-consuming investigations.
Enhanced gpi service: visibility, transparency over fees
At the same time, the enhanced gpi service gives users visibility, transparency and control of their entire payment flows. Furthermore, it provides them with full transparency over fees and FX. This means that they can identify the most efficient ways to send their payments around the world.
And it relieves corporates of the need to adapt their systems for each individual bank they work with.
In developing the service, SWIFT also worked with treasury software providers including, Bellin, FIS, Kyriba and SAP. All of the providers have integrated SWIFT gpi for corporates into their applications.
Olivier Valanchauskas, head of Airbus Treasury Platforms, says: “An increasing number of banks offer gpi tracking through their individual portals. This works well for companies that only work with one bank. But it does not work so well for a multinational business dealing with multiple banks.
“SWIFT gpi for corporates solves this by creating a centralised view of multi-bank information. This enables us to track our payments all in one place.”
Enhanced gpi service:ground-breaking collaboration
Martin Boyd, head of Capital Markets at FIS adds: “Improving our clients’ ability to enable and track cross-border payments continues to be a key focus of FIS’ corporate treasury offerings.
“We’re excited to continue working with SWIFT to create innovative products that are cost effective and improve efficiency and transparency.”
“Gpi for corporates is the result of ground-breaking collaboration between corporates and banks to revolutionise cross-border payments for corporates. It creates a rule book which standardises and centralises their multi-bank information. And it provides unrivalled visibility, as well as saving them time and money,” adds Marc Delbaere, Head of Corporates and Trade, SWIFT.
“Over 50 corporates and banks, including nine of the ten top cash management banks, have already signed up. We expect this number to grow significantly in the coming months.”
