The digital transformation of cross-border payments
In collaboration with the banking and corporate communities, SWIFT is designing additional payment services for delivering further enhancements in cross-border payments
Rich Payment Data Transfer service
Today, corporates are requested, at multiple times and by several banks in the correspondent banking chain, to provide additional payments information for compliance checks. In addition, buyers need to convey rich payment details in order for the seller to reconcile one payment with multiple invoices.
This process currently requires manual intervention and numerous e-mail exchanges between the corporate clients and their banks.
The ability to use the SWIFT gpi Rich Payment Data service, a secure information layer in the cloud, to transfer rich payment data along with a payment would save costs and precious time for both corporate clients and their banks.
Using SWIFT gpi’s unique tracking code, the information associated to the payment is conveyed via the cloud. With this service, banks would be able to provide corporates with the capability to reconcile invoices and payments in an automated way and keep track of them at the touch of a button.
Click here to learn more about SWIFT gpi.