SWIFT Pilots Enhanced Multi-Bank Cross Border Payment Standard

Pilot participants of SWIFT enhanced gpi standard include 10 multinational corporates and 12 banks; new standard to enable multinational firms to initiate and track gpi payments to and from banks in a single format and integrate payment flows with internal systems.

SWIFT has announced plans to start testing an enhanced multi-bank standard to improve the cross-border payments experience for multi-banked corporates.

The new standard was designed and built in conjunction with 10 multinational corporates and 12 banks including Airbus, Bank of America Merrill Lynch, BBVA, BNP Paribas, Booking.com, Borealis, Citi, Deutsche Bank, General Electric, IATA, Intesa Sanpaolo, J.P. Morgan, LVMH Moët Hennessy Louis Vuitton, Microsoft, National Australia Bank, Ping An Group, Roche, RTL Group, Sumitomo Mitsui Banking Corporation, Société Générale, Standard Chartered Bank and UniCredit.

This cross-industry collaboration tailors SWIFT’s gpi (global payments innovation) – a new standard in global payments for multibanked corporates – by introducing a common solution delivered in the same way by all gpi banks. The standard’s design has been developed through a series of SWIFT-led co-creation workshops with pilot banks and corporates. It supports FIN & ISO 20022 standards to allow corporates to access their payments status across SWIFT and bank proprietary channels.

The new standard will streamline the process for corporate treasurers by allowing them to initiate and track gpi payments to and from multiple banks in a single format and integrate gpi flows in ERP and Treasury Management Systems. It will also enable application providers and banks to give corporates better visibility and transparency, improving payments certainty, traceability, exception handling and allowing them to reconcile directly in their treasury operations.

”Corporates want to track payments in real time and get confirmation of credit to the beneficiary’s account,” says SWIFT Head of Corporates Marc Delbaere. “This new multi-bank capability will enable that experience in a consistent fashion, across multiple banks and multiple corporates. Having this information instantly in the corporate treasury space is what corporate customers are asking for.”

Pilot participants will begin a test phase ahead of bringing this flow into production in the next few months.

Together with the pilot participants SWIFT invites treasury application providers to integrate the gpi flows into their own systems in order to deliver a fully embedded gpi experience in corporate treasury systems.

Launched in early 2017, gpi already has over 180 banks signed up, and accounts for nearly 30 percent of SWIFT cross-border payment traffic. More than USD 100 billion in SWIFT gpi messages is sent daily, enabling payments to be credited to end beneficiaries within seconds or minutes.

To date, 35 million gpi payments have been sent across 450 country corridors, in more than 100 currencies. In major corridors, such as USA-China, gpi already accounts for nearly 50% of payment traffic.

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