ECONOMY

SWIFT enables new service for corporates

The system was piloted by 22 corporates and banks before launch including Airbus, Bank of America Merrill Lynch, General Electric and Standard Chartered Bank. (File photo: AFP)

The financial messaging service SWIFT has announced that it has gone live with SWIFT gpi (Global Payments Initiative) for corporates. The service is aimed at allowing multi-banked corporates to initiate and track payments across multiple banks from their treasury and payment systems. Saudi Aramco and SABB are among the institutions that have already signed up for the service.

“Gpi for corporates is the result of ground-breaking collaboration between corporates and banks to revolutionize cross-border payments for corporates,” said Marc Delbaere, Head of Corporates and Trade at SWIFT. “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.”

The system was piloted by 22 corporates and banks before launch including Airbus, Bank of America Merrill Lynch, General Electric and Standard Chartered Bank.

In a statement SWIFT said that the service will allow corporates to track all of their payments in real time, facilitate more accurate reconciliation, and prevent costly and time-consuming investigations.

Onur Ozan, head of Middle East, North Africa and Turkey at SWIFT, said, “The Middle East is a major global trade hub both for regional and multinational conglomerates. SWIFT gpi for corporates offers speed, certainty, and a seamless cross-border payments experience for corporations that operate across different markets and time zones and in different currencies. We are delighted to go live with the new service in the region.”

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Last Update: Wednesday, 17 July 2019 KSA 17:02 - GMT 14:02
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