Swift says the enhanced standard, designed and built in conjunction with 10 multinational corporates and 12 leading banks — including National Australia Bank — streamlines 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.
Corporates and banks participating in the pilot include Microsoft, 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, National Australia Bank, Ping An Group, Roche, RTL Group, Sumitomo Mitsui Banking Corporation, Société Générale, Standard Chartered Bank and UniCredit.
According to Swift, the first-of-its kind, cross-industry collaboration tailors its global payments innovation (gpi) for multi-banked corporates, by introducing a common solution delivered in the same way by all gpi banks.
Pilot participants are to begin a test phase ahead of bringing the system into production in the next few months.
Lisa Wagner, Group Treasury Manager at Microsoft, said “The ability to access a greater level of payment information in a timely manner through SWIFT gpi will bring immediate benefits to our payments experience with greater transparency and responsiveness to our vendors. Providing multi-bank information all in one place and in the same format fits into our modern finance roadmap.”
“We are very pleased to participate in the Swift gpi for Corporates pilot,” says Martin Schlageter, head of Treasury Operations at Roche.
“There are many challenges to tackle with cross-border payments but Swift gpi, combined with the broader Swift for Corporates programme, will bring considerable benefits to improving the transparency and visibility of our cross-border payments.”
The multi-bank standard design has been developed through a series of Swift-led co-creation workshops with pilot banks and corporates, and supports FIN and ISO 20022 standards to allow corporates to access their payments status across SWIFT and bank proprietary channels.
”Corporates want to track payments in real time and get confirmation of credit to the beneficiary’s account,” says Marc Delbaere, global head of Corporates at Swift.
“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.”