Delivering a new standard in cross-border payments: Societe Generale is part of the Swift GPII project
SWIFT’s global payments innovation initiative will enhance the cross-border payment experience for corporate customers, offering greater speed, transparency of fees, real-time payment tracking, and end-to-end transfer of rich remittance information.
Today, corporate treasurers have no view on when payments occur and their final costs. This can lead to problems with their suppliers or end-customers, increasing financial risks resulting from payment delays or non-compliance with regulatory requirements. With the SWIFT initiative they will benefit from same day use of funds, end-to-end real-time payment tracking and a clear view of all costs (fees, exchange rates, etc…). It will also significantly improve reconciliation between payments and invoices through richer and unaltered payment information.
More than 60 of the world’s largest transaction banks, including Societe Generale, are participating in the initiative which will go live in 2017.