Corporates go live with multi-bank tracking on SWIFT gpi
Nine corporates supported by seven gpi banks successfully implement multi-bank gpi payments and tracking through their treasury applications
In February this year, a mix of 22 banks and corporates initiated a pilot to test the SWIFT gpi for Corporates (g4C) standard that enables corporates to initiate and track gpi payments, to and from multiple banks, directly from their ERP and treasury management systems.
After only eight months, the majority of corporates and banks are now live on g4C (as of 22 October) including Airbus, BBVA, Booking.com, Borealis, Citi, Deutsche Bank, General Electric, IATA, J.P. Morgan, LVMH Moët Hennessy Louis Vuitton, Microsoft, Ping An Group, Roche, Sumitomo Mitsui Banking Corporation, Société Générale, Standard Chartered Bank and SWIFT Treasury. All other pilot participants are planning to go live before the end of 2018.
Since the start of the pilot phase, gpi banks, corporates and SWIFT have collaborated to set the scope of the project, define the new standard, implement it within their treasury systems and test ahead of the recent round of go lives.
“The g4c pilot has been the perfect opportunity for us to collaborate with peers and banks to co-create a common solution that responds to our requirements,” says Thibault Moncouet, Corporate Finance Operations, Airbus Integrated Treasury. “It is important for corporates that our banks offer a standardised solution, instead of us having to adapt our systems differently depending on the bank we are working with.”
Solving pain points for corporate treasurers
SWIFT gpi for Corporates allows corporates with multiple banking partners to have a fully integrated single view on the status of their cross-border payments in their TMS and ERP systems.
Lisa Wagner, Group Treasury Manager at Microsoft says, “The ability to access a greater level of payment information in a timely manner through SWIFT gpi is bringing 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.”
The solution solves a number of major challenges for corporate treasurers, by allowing real-time tracking of payments, facilitating more accurate reconciliation, and preventing costly and time-consuming investigations for missing or incorrect payments.
Peter Claus-Landi, Senior Director, Treasury, GE, explains: “The biggest value that gpi delivers to GE, as well as the rest of the corporates, is the transparency and the defined Service Level Agreements around the transaction lifecycle of the payments. With g4C, we will finally be able to have a better understanding of how long it takes for a payment to move from point A to point B, so it will help us with optimising liquidity.”
The platform also gives corporate treasurers full transparency over fees and FX, providing insights into the most efficient way to send payments around the globe.
Peter Claus-Landi adds: “The overall data insights that gpi will provide are going to be huge for corporates as it will unlock a lot of information that we’ve never been able to see before.”
The ability to access a greater level of payment information in a timely manner through SWIFT gpi is bringing immediate benefits to our payments experience with greater transparency and responsiveness to our vendors
Lisa Wagner, Group Treasury Manager, Microsoft
Following this major milestone, g4C will be extended to additional banks and corporates as part of an early adopters phase with a view to provide availability to the entire community by mid-2019.
If you are a corporate connected to SWIFT, and interested in leveraging gpi to improve your payment operations, speak to your SWIFT account manager, your banking partners and treasury system providers.
g4C pilot participants
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, SWIFT Treasury and UniCredit.