It allows multi-banked corporates to track transactions through a single standardised views.
SWIFT unveiled the full go-live of SWIFT gpi for corporates, a capability designed and built in conjunction with banks and corporates which enables multi-banked corporates to initiate and track payments across multiple banks directly from their treasury and payment systems.
Whilst corporates are already able to check the status of gpi payments through each of their individual banking partners’ portals, SWIFT gpi for corporates allows multi-banked corporates a single centralised and standardised view across all their banking partners. The service allows corporates to track all their payments in real-time, facilitating more accurate reconciliation, and preventing costly and time-consuming investigations.
Moreover, the service lets banks to give users visibility, transparency and control of their entire payment flows and provides them with full transparency over fees and FX so that they can identify the most efficient ways to send their payments around the world.
The go-live follows a successful pilot with 22 corporates and banks including Airbus, Booking.com, General Electric, Bank of America Merrill Lynch, BNP Paribas, Citi, Deutsche Bank, JP Morgan, Societe Generale and Standard Chartered Bank, that collaborated to scope the project, define the standard and business practices, and test the functionality within their treasury systems.
More than 50 of the world’s largest companies, including LVMH, Microsoft and Petronas have already signed up to the service.
Do you know more about this story? Contact us anonymously through this link.