Swift unleashes gpi for corporates pilot
Swift, corporates and banks, are to start testing an enhanced standard which will allow corporate treasurers to initiate and track global payments innovation (gpi) payments to and from multiple banks.
Since its launch early last year, Swift says gpi now has many corporate treasurers and transaction banks amongst its 180+ membership.
In the latest gpi chapter, the pilot has brought together ten multinational corporates and 12 gpi banks to explore real-time payments tracking within corporate treasury applications.
Marc Delbaere, global head of corporates at Swift, says: “For the corporate treasurer dependent on more than one bank or branch for its cross-border payments (often called multi-banked corporates), this experience is rarely consistent, fast or efficient.”
He adds: “The pilot has brought us together to design, build and now test a new standard which we believe will significantly improve this multi-bank capability.”
In the run-up to this pilot testing phase, Swift set up a series of co-creation workshops with banks and corporates. The pilot inputs support FIN & ISO 20022 standards
Participants in the pilot include Bank of America Merrill Lynch, BBVA, BNP Paribas, Citi, Deutsche Bank, Intesa Sanpaolo, JP Morgan, Microsoft, National Australia Bank, Ping An Group, Sumitomo Mitsui, Societe Generale, Standard Chartered and UniCredit.
In a recent opinion piece, Deutsche Bank’s global head of clearing products, cash management, Christian Westerhaus, made the case for banks becoming Swift gpi-ready.