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SWIFT testing a new standard

SWIFTSWIFT will start testing an enhanced multi-bank standard to further improve the cross-border payments experience for multi-banked corporates. The process will be undertaken in association with a number of corporates and banks. SWIFT said in a statement this enhanced standard, designed and built in conjunction with 10 multinational corporates and 12 leading banks, streamlines the process for corporate treasurers by allowing them to initiate and track gpi payments to and from multiple banks in a single format and integrate gpi flows in ERP and Treasury Management Systems. A first-of-its kind, this cross-industry collaboration tailors SWIFT’s global payments innovation (gpi) for multi-banked corporates, by introducing a common solution delivered in the same way by all gpi banks. This new standard will enable application providers and banks to give corporates better visibility and transparency, improving payments certainty, traceability, exception handling and allowing them to reconcile directly in their treasury operations.  Pilot participants are to begin a test phase ahead of bringing this flow into production in the next few months. Corporates and banks participating in the pilot include Airbus, Bank of America Merrill Lynch, BBVA, BNP Paribas, Booking.com, Borealis, Citi, Deutsche Bank, General Electric, IATA, Intesa Sanpaolo, J.P. Morgan, LVMH Moët Hennessy Louis Vuitton, Microsoft, National Australia Bank, Ping An Group, Roche, RTL Group, Sumitomo Mitsui Banking Corporation, Societe Generale, Standard Chartered Bank and UniCredit.

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