On 17 July 2019 in Brussels, SWIFT – a member-owned cooperative that brings together more than 11,000 banking organizations, securities institutions and corporate clients, announced enhanced global payment innovation (gpi) for corporates.
Originally rolled out in 2017, the SWIFT gpi service aims to improve cross-border payments. The objective is to provide money transfers within 24 hours with constant end-to-end tracking and transparency throughout the entire payment chain. Previously, it was only available for banks, meaning that their clients had to rely on them to track the status of their payments. With gpi for corporates, Swift addresses the demands of multi-banked companies, allowing them to initiate and monitor money transfers across multiple banks directly from their ERP systems.
The new gpi standard is transforming the client experience, bringing speed and predictability.
SWIFT GPI PROVIDES BANKS AND CORPORATES WITH VISIBILITY, TRANSPARENCY AND CONTROL OF THEIR ENTIRE PAYMENT FLOWS AND FULL FEE TRANSPARENCY
An instant payment status verification is available throughout the SWIFT Tracker service, developed on cloud based technologies. This allows banks and corporates to conduct more accurate reconciliation and prevent costly and time-consuming investigations.
When performing a gpi payment, each transaction is assigned a unique code which is sent unchanged to all banks participating in the payment chain. Thereby, all parties involved can monitor a specific payment at any time.
Knowing the money path and level of commission that will be charged at each stage of payment processing, all participants to the payment transaction can accurately monitor the money credited to the accounts of the final recipients.
SWIFT gpi brings together banks and corporations all over the world, enabling them to benefit from the new standard. In order to introduce SWIFT technologies and offer their clients fast, transparent and secure cross-border payments, financial organisations must adapt their internal processes to meet SWIFT gpi requirements.
The primary business case of Swift provides corporates the opportunity to manage their payments from existing back office systems: ERP, treasury management applications or others. SWIFT gpi enables corporates to integrate the payment tracking information directly into their internal processes like payment initiation or invoice generation, so that they can predict the payment routes, processing time, fees applied and intermediaries involved.DESIGNED BY SOLANTEQ FOR THE ENTIRE RANGE OF PAYMENTS, SOLAR PAYMENT HUB SUPPORTS FULL GPI FUNCTIONALITY AND OFFERS FAST SEAMLESS INTEGRATION WITH ANY CORPORATE FINANCIAL SYSTEM. SOLAR PAYMENT HUB ENABLES BUSINESSES TO REDUCE COSTS WHILE IMPROVING THE CLIENT EXPERIENCE WITH CROSS-BORDER PAYMENTS VIA SWIFT CHANNELS FOR BANKS AND CORPORATES