Recap: 'The Future of SWIFT gpi'
Orchard Finance looks back on a successful event ‘The Future of SWIFT gpi’ which occurred on the 18th of February. SWIFT gpi is the "global payments initiative" of SWIFT which aims to improve the customer-bank experience in cross-border payments. We had an informative session on what SWIFT gpi is, which added value it brings, and how a current user experiences it. We followed up this session with a discussion and networking drinks.
We hereby present a short summary of the program:
Introduction SWIFT gpi | SWIFT: Cyriel Gulickx & Annick Roelants SWIFT gpi for Corporates (g4C) is gaining more and more attention and developments are moving fast. Annick Roelants, Key Account Manager at SWIFT, shared information about the advantages of g4C, the current status and roadmap. SWIFT gpi serves to execute payments quicker, make payments traceable, increase transparency of fees and give corporates full remittance data. At this time 8 out of 10 top cash management banks have joined, while 100+ BICS have been enabled on SWIFT gpi.
Impact of SWIFT in the future for treasury | Orchard Finance: Jaap Ringnalda Payments in basics seem simple, but in reality payments are complex. Jaap Ringnalda, Senior Associate of Orchard Finance, provided insight on what gpi can offer corporates in the future. SWIFT gpi enables international payments to become predictable and drastically shorten transaction speed. Costs of international transactions will decrease, with close to 100% reconciliation becoming the norm. SWIFT gpi simplifies international payments.
Experience with SWIFT gpi | Darling Ingredients: Hien Dijkstra Darling Ingredients is one of the pilot participants of SWIFT gpi for corporates. Hien Dijkstra, Treasurer at Darling Ingredients, illustrated that having an appropriate interface in your treasury management system allows you to quickly identify what went wrong with a payment. This enables you to quickly resolve the issue and get your payment processed.