More than 50 of the world’s largest companies have already started using a new service that enhances payment flows, allowing a single view of transactions across multi-banked corporates.
SWIFT announced July 17 that its global payments innovation (gpi) service now offers a full go-live function, giving corporates the power to initiate and track payments across multiple banks, SWIFT said in a press release. The service allows a single, centralized view across all banking partners in real-time, facilitating accurate reconciliation.
Marc Delbaere, head of Corporates and Trade at SWIFT, called gpi for corporates “the result of ground-breaking collaboration between corporates and banks to revolutionize cross-border payments for corporates. It creates a rule book which standardizes and centralizes their multi-bank information, providing unrivaled visibility, as well as saving them time and money.”
The go-live follows a successful pilot with 10 multinational corporates and 12 of the leading banks, including Airbus, General Electric and Bank of America Merrill Lynch. A total of 22 companies participated to test the functionality within their treasury systems.
“An increasing number of banks are offering gpi tracking through their individual portals which works well for companies that only work with one bank, but not so much for a multinational business dealing with multiple banks,” said Olivier Valanchauskas, head of Airbus Treasury Platforms. “SWIFT gpi for corporates solves this by creating a centralized view of multi-bank information, enabling us to track our payments all in one place.”
SWIFT gpi for corporates allows banks to give users visibility, transparency and control of their entire payment flows, offering full transparency over fees. It also relieves corporates of the need to adapt their systems for each individual bank they work with.
“Thanks to the launch of gpi for corporates, we will now be able to directly leverage our SWIFT infrastructure to receive the full benefits of gpi. We look forward to getting started!” said Peter Kim, senior manager of treasury technology at Google.