SWIFT community boosted by gpi & R3 future | webinar

By David Beach | 6 February 2019

Cost-efficiency and an exciting roadmap - including the Corda R3 tie up - have galvanised the gpi community, a bobsguide poll conducted during a webinar this week, demonstrates.

‘A key solution to modern day payments’ was the primary priority for the webinar audience

During the webinar, Damien Godderis, head of payment networksat BNP Paribas was asked to explain the benefits the bank has found from using gpi.

“The way we built the business case within BNP, was not really about making more revenue but rather, decreasing cost. At the same time you’re able to be more efficient and helping your customers have more self-care, so reducing the number that go to our customer support.

“Before, international payments were really a black box, gpi brings the tracking of the payment, the transparency on the fees, allowing banks to better serve their customers,” he said.

Godderis was joined by Ryan McAuliffe, payments innovation, data and analytics specialist for the Americas & UK at SWIFT and Craig Ramsey, head of real-time payments at ACI Worldwide, an integration partner for gpi.

SWIFT’s McAuliffe explained the gpi roadmap, and how yesterday’s pain points were being addressed by the global standards body.

“In the scenario where your institution is handling a corporate client’s treasury flows, there’s a one off payment to a vendor process which goes smoothly with your agent bank… Two days later, the corporate’s relations manager might give you a ring needing to urgently investigate the status of the payment - has it completed? Where is it?

“Yesterday, that’s an issue. With the gpi tracker, and with the capabilities extended on by the likes of ACI, you’ll be able to easily investigate and answer that client in real-time, on the fly and take corrective action as appropriate,” said McAuliffe.

Following on from Godderis’ pain point of “black box” transparency, McAuliffe also addressed exactly how gpi was extending value to agent banks’ corporate clients, not only through stop and recall on duplicated transactions but on frictionless payments.

“For 2019, we have quite a few initiatives ongoing, some of them are focused around frictionless payments, one of which is our gpi for corporates service. This allow corporates to populate the tracking reference number directly, the financial institution will be able to forward that on.

There is a mechanism that enables the population of standardised updates - payment update messages  - that flow through the bank back into the corporate to be integrated with their treasury management system or enterprise resource planning,” said McAuliffe.

Likewise, much of the questions submitted by the webinar audience had one theme in common: blockchain.

Last week, SWIFT gpi formally announced a proof of concept with Corda R3, a distributed ledger technology-based platform built by an industry-wide collaboration of 300 partners.

“This is a new service we’re exploring as part of the gpi roadmap to act as a payments gateway, seamlessly connecting multiple trade and ecommerce platforms via a set of APIs.

This first phase is a proof of concept, leveraging R3’s DLT-based platform for trade while this gpi Link will be able to support additional ecommerce platforms. We’re excited about the new possibilities that can come out of this,” said McAuliffe.

Listen to the webinar on-demand to hear much more from SWIFT, BNP Paribas and ACI on the future of gpi and cross border payments.

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