BNP Paribas goes live with SWIFT gpi for Corporates Pay and Trace
After the successful integration of the SWIFT gpi-related information in its global ebanking channel Connexis Cash earlier this year, 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.
As one of the pilot banks in the SWIFT g4C working group and having contributed to the definition of the project standards, BNP Paribas is implementing additional g4C features, specially inbound tracking, which is the next milestone in the gpi initiative.
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 into 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, continues to be actively involved in several working groups for other gpi initiatives.
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