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Reaping the benefits of inbound payments tracking

Reaping the benefits of inbound payments tracking

Payments,
1 July 2020

Banks, corporates and application providers partner to further improve payment transparency.

Being able to see when a payment is on its way and when it will arrive opens up a realm of new opportunities for businesses to cut costs and reduce friction.

The data we’re able to access through the gpi Tracker allows us to deliver a transformed experience to our customers. With real-time tracking information at their fingertips, they can buy and sell goods with better certainty and transparency. And from a business perspective, we’re able to couple tracking insights with powerful tools such as AI and machine learning to drive better efficiencies, and find new ways to deliver a better service.

Alibaba.com, Supply Chain Business Unit

Take this example. A manufacturer of car parts is having trouble collecting payments from one of its key customers. This has caused business continuity and supply-chain issues, meaning the company now has to use a delivery-on-payment model, resulting in it only being able to dispatch goods when money has been credited to its account.

This creates challenges for the company when it comes to managing its distribution flows, its inventory and also the lines of credit it can extend to the customer, therefore business isn’t as efficient as it could be.

By having visibility that funds are on the way, the company could start pre-delivery processes in preparation of the final credit confirmation, speeding up production and delivery. And it could also adjust the credit lines of its trading partners, meaning more deals and more business.

With greater insights into what money comes into our business, including data such as the full remittance information and the amount sent before fees have been deducted, we will be able to greatly simplify the way we reconcile invoices. That means less manual work, less pain in trying to match payments with invoices, and enables us to make our cash work better for us.

Daniel Gramunt, Director Cash Management, Nokia

A better way to pay  

Since the launch of SWIFT gpi, we’ve worked closely with our community to enable corporates to benefit from a significantly transformed experience sending cross-border payments. Through their SWIFT gpi-enabled banks, corporates are now able to:

  • Track their outbound payments end-to-end
  • Get confirmation when the funds have been received by the beneficiary
  • Get in-depth insights into payment routes, including fees and time taken
  • Integrate tracking data directly into their ERP or treasury systems, incorporating it into day-to-day business processes

Today, we’re extending these benefits to inbound payments.

We increasingly hear from our customers that SWIFT gpi is the new normal. Our priority is that our customers have access to the richest data possible at their fingertips, both for inbound and outbound payments, but also using the latest standards such as ISO 20022. Inbound tracking is a key enabler for us to do this.

Thierry Cohen, Commercial Director, Exalog

What is gpi Inbound tracking?

Our new inbound tracking service gives corporate treasurers unrivalled insights into their incoming payments by delivering a number of key features:

  • Payment advice: A payment beneficiary or supplier will automatically receive a real-time notification as soon as a gpi payment is initiated by his ordering customer, with the payment advice consisting of all extended data he may need, such as creditor and remittance information, fees, elapsed time, and payment routing insights.
  • Status updates: The beneficiary or supplier is instantly informed – by means of near real-time status updates – when a payment is rejected or put on hold (for possible investigation) by any of the banks in the payment chain and of course when it’s delivered to the beneficiary and credit can be confirmed.
  • Use of APIs: Corporates can make use of dedicated gpi corporate-to-bank APIs to query their incoming transactions and the status of their transactions in progress at any point in time.

Having the ability to track our outbound payments with SWIFT gpi for corporates was a significant step. Now, with inbound tracking too, we’re able to get real-time insights into our global liquidity position that was not possible a few years ago.

Eddy Jacqmotte, Manager Cash & Bank - Head Back Office Administration, Borealis

What are the benefits of gpi Inbound tracking?

Inbound tracking delivers a number of key benefits for corporates.

1. Visibility on funds

With real-time visibility on incoming funds, you are able to proactively manage exceptions or issues with a payment, such as anticipating and handling any specific regulatory requirements in advance. You can also get advanced insight into the fees incurred for the payment.

2. Proof that the payment has been sent

Receiving digitised proof of payment initiation and structured payment advice means manual processes such as using paper or exchanging screenshots of payment initiation can be reduced. And with more predictability in collections, companies can turn to improving supply chain processes and managing credit with customers.

3. Enhanced liquidity management and cash forecasting

With real-time information, treasurers are able to enhance their liquidity management by reconciling payments more efficiently, thereby having greater visibility on their overall cash position. And by moving to a proactive stance, corporates are able to use collection insights to define the most optimum payment routes.

Inbound tracking is a significant development for us, as we will be able to close the loop on our global payments. With enhanced data on incoming payments, such as fee transparency, FX and charge codes, we will be able to drill down into individual transactions and understand more about how we can be more efficient. From a business point of view, it gives us the freedom to speed up our supply chain and release goods quicker, meaning a better level of service for our customers in the long term.

Olivier Grandval, Global Treasury project Manager, Louis Dreyfus Company

Who can use gpi Inbound tracking?

If you’re a corporate who thinks you’d benefit from inbound payments tracking, a bank who’s customers need inbound payments tracking, or an application provider who wants to enable inbound payments tracking in their software, you can now get involved.

Following a successful pilot project involving collaboration between a number of institutions (listed below), we’re now inviting early adopters to join the service, ahead of a general availability release in October.

Project participants

   
Corporates Banks Application providers

Alibaba

Airbus

Borealis

General Electric

IATA

Iberdrola

Louis Dreyfus Company

LVMH

Nokia

NSG

Samsung

SWIFT Treasury

Tranglo

Alfa Bank

Bankinter

Bank of America

BNP Paribas

Citi

DBS

Deutsche Bank

Garanti BBVA

HSBC

Intesa Sanpaolo

JP Morgan

KBC

National Australia Bank

Natixis

Société Générale

Standard Bank

Standard Chartered

UniCredit

VTB Bank

AccessPay

Exalog

FIS

How do I get started with gpi Inbound tracking?

Get in touch with your SWIFT account manager, or visit this page to find out more.

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