The launch comes on the heels of the integration of BNP Paribas’ integration of SWIFT gpi-related information with the global channel Connexis Cash earlier this year.
The new g4C Pay and Trace service allows companies to set up their own UETR, which is the end-to-end transaction reference used to track a payment in the SWIFT network. They can then access a better payment status report, with real-time tracking of the payment, including fees and throughput times at intermediary banks, the release states.
BNP Paribas will also be implementing inbound tracking and other new features in the future, according to the bank. The inbound tracking will let treasurers access better cash forecasting through the end-to-end payment visibility becoming available as soon as the payments hit the SWIFT network. Inbound tracking will be available on both g4C and Connexis Cash, the release states.
BNP Paribas has been one of the pilot banks involved in the SWIFT g4C working group, and it contributed to the definition of the standards for the project, according to the release.
Earlier this year, BNP Paribas also partnered with spend management firm Coupa in order to make virtual card payments possible for corporates looking to pay suppliers and manage transaction data. The bank said that the implementation would make B2B payments easier for all parties involved.
In addition, both companies said the partnership and v-cards would help to reduce the risk of fraud and streamline onboarding support.
Prior to the pandemic, BNP Paribas was looking forward to the increased digitization of payments and the breaking down of walls between new FinTechs and legacy financial institutions. In a PYMNTS B2B API Tracker from February, Charlotte Hausemer, vice president of innovation and product management for trade and treasury at BNP Paribas, said APIs can be extremely useful in offering enhanced, 24/7 bank access.