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SWIFT launches multi-bank gpi payment initiation and tracking service for corporates

Thursday 18 July 2019 13:20 CET | News

SWIFT has introduced an enhancement to SWIFT gpi enabling multi-banked corporates to initiate and track payments across multiple banks directly from their treasury and payment systems.

More than fifty companies – including LVMH, Microsoft and Petronas – have already signed up to SWIFT gpi for corporates.

The go-live follows a pilot with 22 corporates and banks – including Airbus, Booking.com, General Electric, Bank of America Merrill Lynch, BNP Paribas, Citi, Deutsche Bank, J.P. 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.

Corporates are already able to check the status of gpi payments through each of their individual banking partners’ portals. Now, SWIFT gpi for corporates addresses the needs of multi-banked corporates, affording them 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.

SWIFT gpi for corporates:

  • allows banks to give users visibility, transparency and control of their entire payment flows

  • provides treasurers with full transparency over fees and FX so that they can identify the most efficient ways to send their payments around the world

  • relieves corporates of the need to adapt their systems for each individual bank they work with.

In developing the service, SWIFT worked with banks and corporates as well as with l treasury software providers including, Bellin, FIS, Kyriba and SAP, all of which have integrated SWIFT gpi for corporates into their applications.


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Keywords: SWIFT, payment, corporates, SWIFT gpi, treasury, banks
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Countries: World