SWIFT launches multi-bank gpi payment initiation and tracking service for corporates
Global financial messaging provider SWIFT has introduced an enhancement to its gpi payments tool, enabling multi-banked corporates to initiate and track payments across multiple banks directly from their treasury and payment systems. 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 treasury systems.
Corporates are already able to check the status of gpi payments through each of their individual banking partners’ portals. The gpi for corporates solution now provides multi-banked corporates with a single centralised and standardised view across all banking partners.
The service allows corporates to track all their payments in real-time, facilitating more accurate reconciliation, and preventing resource-draining investigations.
In developing the service, SWIFT worked with banks and corporates as well as with treasury software providers including, Bellin, FIS, Kyriba and SAP, all of which have integrated SWIFT gpi for corporates into their applications.