Reinventing Banking
Total Page：16
File Type：pdf, Size：1020Kb
Reinventing Banking Delivering the future of cross-border payments Reinventing The SWIFT gpi Regional representation of Banking initiative global payments innovation initiative banks In December 2015, SWIFT announced the global payments innovation (gpi) initiative to dramatically improve the SWIFT is an innovative technology company. As customer experience in cross-border payments by increasing the speed, an industry co-operative, we listen and respond transparency and end-to-end tracking to the evolving needs of our Community. Part of cross-border payments. of our core mission is to bring the financial community together to work collaboratively to Over 75 leading transaction banks shape market practice, define standards and from Europe, Asia Pacific, Africa and the Americas are already signed up debate issues of mutual interest. and more are expected to join. Innovation is an ongoing process, and through In its first phase, the new service our R&D programmes and initiatives such as will focus on business-to-business SWIFTLab, Innotribe, and the SWIFT Institute, payments. Designed to help corporates grow their international SWIFT is ideally placed to offer insights into the business, improve supplier future of global financial technology and work relationships, and achieve greater with our Community to make real world change treasury efficiencies, the initiative really happen. will enable corporates to receive an enhanced payments service directly from their banks, with the following key features: • Faster, same day use of funds* • Transparency of fees • End-to-end payments tracking • Remittance information gpi members transferred unaltered It will operate on the basis of 1. ABN AMRO Bank 21. Canadian Imperial Bank of 41. ING Bank* 62. Royal Bank of Canada* 2. Alfa-Bank Commerce 42. Intesa Sanpaolo* 63. Royal Bank of Scotland ‘business rules’ captured in 3. Australia and New Zealand 22. Citibank* 43. Investec 64. Sberbank multilateral service level agreements Banking Group* 23. Commerzbank 44. Itaù Unibanco 65. Siam Commercial Bank 4. Axis Bank 24. Commonwealth Bank of Australia 45. JPMorgan Chase Bank* 66. Skandinaviska Enskilda Banken (SLAs) between participating banks. 5. Banco Bilbao Vizcaya Argentaria 25. Crédit Agricole 46. Kasikornbank 67. Société Générale The innovative new service is 6. Bangkok Bank 26. Crédit Mutuel-CIC Banques 47. KBC Bank 68. Standard Bank of South Africa designed to address end-customer 7. Bank of America Merrill Lynch* 27. Credit Suisse 48. KEB Hana Bank 69. Standard Chartered Bank* 8. Bank of China* 28. CTBC Bank 49. Lloyds Bank 70. Sumitomo Mitsui Banking needs without compromising banks’ 9. Bank of New York Mellon* 29. Danske Bank* 50. Mashreq Bank Corporation* abilities to meet their compliance 10. Bank of Nova Scotia 30. DBS Bank* 51. Maybank 71. Swedbank 11. Bank of the Philippine Islands 31. Deutsche Bank 52. Mizuho Bank* 72. Tadhamon International Islamic obligations and market, credit 12. Bank of Tokyo-Mitsubishi UFJ* 32. Ecobank 53. National Australia Bank Bank and liquidity risk requirements. It 13. Banco Santander 33. E.Sun Commercial Bank 54. Natixis 73. TMB Bank 14. Banco de Crédito del Peru 34. Erste Bank 55. Nordea Bank* 74. Toronto-Dominion Bank will operate on SWIFT’s secure 15. Banco do Brasil 35. Fifth Third Bank 56. Oversea-Chinese Banking 75. UBS and resilient global platform; and 16. Banque Européenne 36. FirstRand Bank Corporation 76. U.S. Bank participation is open to any supervised d’Investissement 37. Handelsbanken 57. PKO Bank Polski 77. UniCredit* 17. Barclays* 38. HSBC Bank 58. Promsvyazbank 78. United Overseas Bank financial institution (SWIFT Group 1 18. BNP Paribas* 39. ICICI Bank 59. Rabobank 79. Wells Fargo* category) that agrees to comply with 19. Budapest Bank 40. Industrial and CommercialBank 60. Raiffeisen Bank International 20. CaixaBank of China* 61. Resona Bank the criteria for the initiative. * within the timezone of the * banks participating in the pilot receiving gpi member 2 3 The concept SWIFTgpi Benefits of SWIFT’s The complete global payments package innovation initiative Accessible by any bank Faster - start with Closed User Group same day value* (CUG) Access to the CUG to be able to send and More efficient and more receive gpi payments and clarity on fees confirmations with other gpi members. Still reach non-initiative banks Secure and Tracker compliant Access the tracker to monitor progress of the gpi payments you are End-to-end payments involved in. tracking Directory Reaching Complete listing of all any bank Unaltered remittance information gpi members and their capabilities. Open and inclusive Observer Tracker (global reach) Global view of gpi banks’ adherence to the gpi SLAs. Directory Observer Services As part of the gpi offering, gpi members obtain Accessible by any access to a dedicated corporate (via SWIFT or bank channel) member-zone including all technical and commercial documentation, and a SWIFT certification service. * within the timezone of the Global reach Smart collaboration SLA rulebook Embrace innovation receiving gpi member Provided by core Exploring other areas such With customer at centre of Investigating new transaction banks using as optimised intraday value proposition technologies an open model liquidity flows 4 5 Tracker End-to-end payments tracking By enabling gpi payments to be tracked using a payment Tracker, we bring in predictability and confirmation for a cross border payment, which is a fantastic initiative as it allows for In today’s world, customers expect Benefits Benefits for better management of commercial payments. greater transparency. When they for banks corporate clients Standard Chartered is a leading cross border send a payment, ideally they would payments correspondent bank and we believe like to know what is happening Reduce operation Track important with it, and when it has been costs and time spent payments this initiative will benefit our correspondent received. Until now, this has not on investigations banking clients substantially in efficiently Easily reconcile been the case with correspondent Reduce front office payments and managing their payments and receipts. banking as each bank has only costs on customer invoices calls/complaints T S Shankar, Head of Payments and Liquidity Products, been able to guarantee and Speed up supply Correspondent Banking - Standard Chartered share information on its leg of the Rapidly investigate chain and reduce payment. claims of non-receipt risk; release goods as soon as payment Offer new innovative is sent As part of the SWIFT gpi initiative, banks will be services to able to provide end-to-end payments tracking. customers SWIFT is developing a Tracker database ‘in the cloud’ securely hosted at SWIFT, to give Provide a better end-to-end visibility on the status of a payment end-to-end service transaction from the moment it is sent until it is to clients Tracker confirmed. 2 3 Status Amount Charges Duration SWIFT Tracking Number Initiative members that send gpi payments will 1 be able to log in to the Tracker to instantly check the status of the payments they have been sent, 4 Originator Beneficiary those in progress and those that have been received. 5 6 The Tracker can be updated by FIN message or via API. It can be accessed via a graphic user interface (GUI) and also via API calls to allow the BANK A BANK B BANK C BANK D service to be embedded in other services. 7 See detailed history 8 1. One glance’ status overview 2. Transparency of total fees and time 3. Unique end-to-end transaction reference (UETR) 4. Bank access via MT 199/GUI/API 5. In the cloud – hosted at SWIFT 6. Real time tracking 7. Details of banks along the path 8. Details – references to MTs 6 7 Track important payments, also by beneficiary Easily reconcile payments and invoices Speed up supply chain and reduce risk; release goods as soon as payment is sent Observer Global view of banks’ adherence to the SLA The SWIFT gpi initiative aims to dramatically enhance Benefits the customer experience with cross-border payments. All gpi member banks are committed To enable this, SWIFT has created a new service level to the gpi cause. Such commitment agreement (SLA) rulebook, which provides opportunity Ensure quality in the being fundamental to its success, we for smart collaboration between participating banks. To gpi initiative track adherence to this new SLA for all members of the also agreed to have our adherence to A central updated initiative, SWIFT has created a central service called the resource for all the SLA and business rules monitored Observer. banks involved in the through a “gpi Observer”, a clear proof initiative of this commitment. All banks that are signed up to the initiative will have a Identification of global view of gpi banks’ adherence to the gpi SLAs. All targeted areas for Manu Legein, Head of Business Development Management, improvement Payment Solutions Corporates - KBC banks involved will be able to quickly pinpoint areas for improvement and work collaboratively towards a better implementation of the SLA. 8 9 Directory Complete list of all gpi members More than 75 banks have already joined the SWIFT gpi Benefits initiative, accounting for more than 70% of all cross- Corporates have a keen interest in SWIFT gpi as border payments on the SWIFT network. More are demonstrated during our principal yearly client joining each day. Every bank that joins the initiative will Find out the event in Paris: payments tracking was highlighted be added to the gpi Directory, hosted at SWIFT’s central operational reference data utility, SWIFTRef. capabilities of gpi by treasurers present as the most promising cash members management innovation. In addition, thanks to Details listed on the Directory will include items such Easy identification the SWIFT gpi directory, we will also be able to as: which banks can send and receive gpi payments of all potential gpi counterparties apply best payment routing and have our clients by business identifier code (BIC); in which currencies; reachable through what channel; cut-off times; and if a Leverages the best- benefit as much as possible from the gpi features.