Request to pay
Cross-border request to pay
SWIFT gpi enables financial institutions to provide transparency on the full flow of their payments, handing their customers more flexibility around both initiating and receiving payments.
Together with seven gpi member banks, three corporates and FinTech Assembly Payments, we undertook a Proof of Value exercise to see if we could take this further.
The project investigated whether an international request to pay capability implemented under a SWIFT gpi SLA, could offer a more secure, flexible and cost effective solution for corporates to collect cross-border payments.
The exercise demonstrated that such a solution would open new opportunities to integrate and automation collection and reconciliation of international payments, as well as unlocking benefits in terms of liquidity forecasting.
Read more about the service in our proof of value report.
This PoV exercise has now evolved into a proof-of-concept (PoC) phase, focusing on a prototype development for Sibos 2019. The results of the PoC and further recommendations will be shared by the end of 2019.
Can a cross-border procure to-pay service performed under a SWIFT gpi Service Level Agreement enable banks to simplify the cross-border payment process of their corporate clients?