Societe Generale joined the SWIFT gpi live banks community
On 20 November, Societe Generale joined the SWIFT gpi live banks community.
Initially, only payments sent by Societe Generale French network and processed through euro market infrastructures are concerned but the service will be gradually extended to other currencies and all correspondent banking flows during the first quarter of 2018.
Societe Generale is proud to be one of the first 40 banks will be exchanging gpi payments. Over 140 global transaction banks, representing 75% of cross-border payments, have already signed up.
On 19 November, the SWIFT Standard Release 2017 introduced the possibility for gpi banks to send MT103 payments with gpi tags to all counterparties triggering a surge in traffic, which has risen to 200,000 payments exchanged per day. 33% of those payments are completed within 30 minutes.
The SWIFT community’s ambition shared by Societe Generale is to make gpi the new norm for correspondent banking. New services will be deployed and also supported by Societe generale in 2018:
• the gpi Cover service to track MT 202COV messages with service levels similar to the current gpi customer credit transfer,
• the Stop and Recall service to quickly stop a payment message in the event of fraud or error,
• the extended tracking of gpi payments throughout the SWIFT message chain, irrespective of whether the banks handling the transaction are gpi members, because with the Standard Release of 2018 it will be mandatory for any SWIFT user to add and pass on the UETR (field 121) in all MT103 /STP/REMIT, MT202/205 and MT202/205COV messages sent to SWIFT.
Societe Generale believes that SWIFT gpi is already becoming the new standard for correspondent banking, keeping its promises of improved processing speeds, transparency and customer experience with corporate clients reporting very positive feedback and pushing for wider and quicker adoption by their banks.
In this context, Societe Generale is proud to be one of the 10 banks participating in the SWIFT gpi pilot for corporates that will be conducted during the first half of 2018, where multi-banked corporates will generate the UETR and benefit from the standardisation of bank-to-corporate flows to track and confirm their payments in their own back-office systems.