In a world where payment transactions and frauds are no longer limited to national boundaries, SWIFT’s gpi (Global Payments Innovation) service has resolved many issues that have enabled quicker and more transparent processing of payments globally.
SWIFT gpi has introduced a Unique End-to-End Transaction Reference (UETR) through which the current status of any payment on its network can be retrieved instantly. A UETR is a string of 36 unique characters that is part of payment instructions carried over the SWIFT network. In recent years, SWIFT has launched the g4c (gpi for corporates) programme – which helps corporations and organizations implement SWIFT gpi as part of their own payments process.
Advantages of SWIFT g4C
There are several benefits for organizations that implement the SWIFT g4C environment, including:
- SWIFT g4C enables faster processing of payment transactions. Transactions can be traced, both on the outgoing and incoming side.
- Through SWIFT gpi, corporates can view all banks and other parties involved in the transaction as well as the fees charged in each leg of the transaction, ensuring transparency at all levels.
- Strengthened relationship with both suppliers and customers due to the enhanced control and visibility to all payments end-to-end.
- The status of any payment and the stage of the same can be easily retrieved at any point by the organizations involved.
- All the relevant information related to the transaction cannot be changed and are preserved, which also helps in meeting compliance and reporting requirements.
Pre-requisites and Challenges in implementation of SWIFT g4C
While SWIFT g4C does come with a whole host of benefits, there are certain pre-requisites as well as challenges for organizations who choose to integrate this system. These include:
- An organization that wants to use the SWIFT gpi technology needs to have its own SWIFT BIC (Bank Identifier Code), must be in SCORE and subscribe to gpi for Corporates.
- Using SWIFT gpi means that the organization will need to embed the UETR into its payments processing and complete the necessary set up in its own internal systems. This requires some technological intervention and will need to be discussed with the system provider.
- An analysis of the data mapping between the organization and its banking partners is also required in order to ensure all the relevant data required can be provided by the banks that the organization deals with. Furthermore, the account holding bank of the corporate also needs to be participating in SCORE and subscribe to both gpi and g4C.
How can Axletree help?
Given the scale and impact of using SWIFT g4C, choosing the right solutions provider can go a long way in helping make the SWIFT g4C integration smoother and more seamless. Here are some of the reasons why Axletree is the right solutions provider for your organization when it comes to SWIFT g4C integration.
- Axletree has expertise in the payments workflow and has long-standing experience with SWIFT
- Can integrate gpi into the payment workflow end-to-end and provide visibility to all transactions and status
- Builds gpi tracking functionality into your electronic banking platform
- Embeds gpi into self-serve tools for strengthened service offering and enhanced client experience
- 24 x 7 x 365 global support
To learn more about Axletree’s service offering for SWIFT g4C, contact us at +1 732 296 0001 / info@axletrees.com