SWIFT Announces Launch of Multi-Bank GPI Payment Initiation

SWIFT, a global member-owned cooperative and provider of secure financial messaging services, announced on Tuesday it has launched a multi-bank GPI payment initiation and tracking service for corporates. The company revealed in a blog post:

“Built in conjunction with banks and corporates, we’ve introduced a new enhancement to SWIFT gpi enabling multi-banked corporates to initiate and track payments across multiple banks directly from their treasury and payment systems. More than 50 of the world’s largest companies – including LVMH, Microsoft and Petronas – have already signed up to SWIFT gpi for corporates.”

SWIFT GPI for corporates will do the following:

  • Allows banks to give users visibility, transparency, and control of their entire payment flows
  • Provides treasurers with full transparency over fees and FX so that they can identify the most efficient ways to send their payments around the world
  • Relieves corporates of the need to adapt their systems for each individual bank they work with.

While sharing more details, Marc Delbaere, Head of Corporates and Trade at SWIFT, added:

“It creates a rule book which standardises and centralises their multi-bank information, providing unrivalled visibility, as well as saving them time and money. Over 50 corporates and banks, including nine of the ten top cash management banks, have already signed up, and we expect this number to grow significantly in the coming months.”

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