CGI Releases Best Practice Guidelines
The Common Global Implementation (CGI) initiative, supported by SWIFT, has published best practice guidelines for corporate-to-bank (C2B) communication based on ISO 20022 messages. Codifying and promoting the use of common formats in the corporate-to-bank payments space will help reduce costs and simplify implementation processes for corporates that are managing multiple bank relationships.
CGI’s aim is for corporates to be able to use the same message structure (for each message type) to interact with all of their transaction banks across the globe for payments initiation, account and status reporting. Around 60 financial institutions, corporates, vendors and market infrastructure providers are now part of the CGI initiative, which provides a forum for the key stakeholders involved in C2B communication to meet, discuss and progress the use of harmonised messaging. SWIFT supports the CGI initiative both as contributing member and group facilitator.
Marc Gheyskens, solution manager, SWIFT for Corporates, said: “Since the global financial crisis, more and more corporates have begun managing multiple bank relationships. That helps spread risk, but managing multiple relationships can be costly and challenging for both sides. Corporates have to implement different channels, formats and data requirements, while banks have to manage and maintain their proprietary protocols. That’s where CGI comes in, providing a place for banks, corporates, vendors and market infrastructure providers to work together to define a harmonised approach on how to implement C2B standards.”