After the successful integration of the SWIFT gpi-related information in its global e-banking channel Connexis Cash earlier this year, allowing clients to track their cross-border payments online in real-time, BNP Paribas is now extending its gpi capabilities with the launch of the g4C Pay and Trace service.
g4C Pay and Trace enables corporates to generate their own UETR (the end-to-end transaction reference used to track the payment across the SWIFT network) and provides them with an enriched payment status report that contains the real-time tracking details of the payment, including fees and throughput times at intermediary banks. This reporting (payment status report), which comes in a standardised XML format, can be incorporated directly into ERP systems or TMS, which is a direct benefit for multi-banked corporates.
SWIFT gpi has already removed some of the pain-points associated with international payments by giving customers full visibility on the payment status and unprecedented transparency on routing, intermediary fees and FX costs. This helps avoid time-consuming investigations on missing or incorrect payments. The g4C Pay and Trace service goes a step further, by centralising the traceability information into the corporate’s own system, in a format that is easily integrated. Based on the features proposed by their vendor, corporates can benefit from a consolidated view for all their cross-border payments from all their banking partners that have enabled the g4C service.
BNP Paribas was amongst the pilot banks in the SWIFT g4C working group, and contributed to the definition of the project standards. When the testing phase began, it was done in close collaboration with corporate clients and several vendors, also members of the gpi workgroups, to make sure their requirements were met. Our clients’ preferences led us to privilege the ISO20022 format first, and in the coming months, we also plan to make FIN MT199 format available as well as traceability via API, as there are now standard guidelines published by SWIFT.
We are also getting ready to implement additional g4C features, in particular the next milestone amongst the gpi initiatives: Inbound tracking. With Inbound tracking, corporate treasurers will be armed with better cash forecasting, by receiving end-to-end tracking information for incoming payments, as soon as they are released to the SWIFT network by the ordering bank. Inbound Tracking will not only be integrated to the g4C service, but will also be made available in Connexis Cash.
SWIFT gpi holds great potential, and BNP Paribas, as a major international bank driven by innovation, is still actively involved in several working groups for other gpi initiatives. Our passion for providing value-added services and a differentiating customer experience also led us to launch Benetracker: the result of a co-creation process with one of our clients, leveraging the gpi technology to provide beneficiaries with tracking information on payments coming their way, after initiation by a BNP Paribas customer. For our customers, this removes the burden of dealing with payment enquiries from their counterparties and helps them foster better relationships. For beneficiaries of the payment, it improves their reconciliation process and brings them into the gpi ecosystem, which they may not yet have access to. Benetracker is a perfect example of how we want to unlock the full potential of SWIFT gpi for our customers, who can expect more innovations coming their way.