The event opened with keynote speeches from Jianglong Yu, General Secretary, ICC China, and Daphne Huang, Head of China, SWIFT. Following was a presentation by Dr Jie Xu (Vice Chairman, Banking Committee, ICC China / Deputy General Manager, Transaction Banking Department, China Minsheng Bank). The speeches were followed by a panel discussion with seven gpi live banks, namely Bank of China, ICBC, China Construction Bank, Bank of Communications, Minsheng Bank, China Guangfa Bank, and Bank of Jiangsu, sharing their experience in implementing gpi, as well as business developments. The seminar was well attended with around 80 representatives from ICC China bank committee members and corporates.
Jianglong Yu, General Secretary, ICC China
China is becoming more important in international business and it has put more focus on financial innovation and FinTech development. Banks need to embrace new technologies and adapt to changes.
Jianglong Yu, General Secretary, ICC China
Daphne Huang, Head of China, SWIFT
Daphne Huang, Head of China, SWIFT pointed out that financial technology is developing rapidly and it has been challenging traditional banking businesses. Huang continued, “We need to strike a balance between safety and innovation, ensure security while growing business with innovation. Implementing the Customer Security Programme (CSP) already helps all SWIFT customers strengthen their security and operation safety. On this basis, global payments innovation (gpi) speeds up cross-border payments greatly, therefore improving corporates’ and retail customers’ experiences. Using gpi can increase customer loyalty and reduce operational costs on customer calls by 25-50%.”
Dr Jie Xu, Vice Chairman, Banking Committee, ICC China / Deputy General Manager, Transaction Banking Department, China Minsheng Bank
Dr Jie Xu made a presentation on “gpi delivers the future of cross-border payments”. He gave an introduction on the development of gpi and its features and benefits. He elaborated further using a case study, demonstrating how gpi can improve customer experience by optimising remittance path and systems configuration.
The seminar continued with a panel discussion moderated by Eric Yang, payments director, SWIFT. The panelists included:
- Yanheng Wang, Project Manager, Operations Management Department, ICBC
- Jie Jing , Manager, Corporate Banking Unit, Global Trade Services Department, Bank of China
- Lei Yang, Deputy Chief, FX Clearing Division, Channels and Operation Management Department, China Construction Bank
- Chen Hu, Senior SWIFT Manager, Financial Service Centre, Bank of Communications
- Yonghong Li, General Manager, Bills Management Centre, Transaction Banking Department, China Minsheng Bank
- Po Chen, Senior Manager, Trade Services Centre, China Guangfa Bank
- Bei Zhu, Deputy General Manager, International Business Department, Bank of Jiangsu
They represented the seven Chinese banks which have already gone live on gpi. During this panel discussion, they shared their experiences in project implementation, product development and promotion of gpi. They all agreed that positive results are obvious after adopting gpi. Customers enjoy benefits of gpi, for example, faster payment, transparency of fees, and real time tracking.
Bei Zhu, Deputy General Manager, International Business Department, Bank of Jiangsu said, “Other than using gpi to serve traditional corporates and individual clients, we will also use gpi to serve cross-border e-commerce clients this year. Many of our e-commerce clients are small and medium enterprises (SMEs). They have a lot of small transactions and they do not understand the whole international remittance process. SWIFT gpi can help SMEs track their payments in real time, gain more clarity on fees involved. It enables SMEs to understand cross-border payments, lower the costs of business, as well as avoid disputes.”
Yonghong Li, General Manager, Bills Management Centre, Transaction Banking Department, China Minsheng Bank also commented, “To Minsheng Bank, gpi is more than just a cross-border payment value-added service. It is a tool for generating income from intermediary businesses. After launching a new service with gpi, one of our branches’ foreign exchange settlement amount has increased from 3.14 million US dollars in Oct 2017 to a record-breaking 190 million US dollars.”
Lei Yang, Deputy Chief, FX Clearing Division, Channels and Operation Management Department, China Construction Bank added on, “Apart from improving payment efficiency and transparency of fees and processes, gpi has also provided a lot of insights. Banks in China have been the playing the originator and beneficiary roles, there is no clarity in the intermediary process in cross-border payments. Through gpi, we have a transparent view of payment efficiency and fees from originator, correspondent banks to beneficiary bank. It helps us refine our business management process.”