BELLIN first TMS provider to enable SWIFT gpi within Lite2

BELLIN, who already have 150+ of their users connected directly to the Swift network, has successfully integrated SWIFT gpi for Corporates (g4C) technology in its tm5 treasury management system. BELLIN client Darling Ingredients Inc. just went live with g4C and has processed the first g4C payments in tm5, with JPMorgan Chase Bank. BELLIN is the first treasury management system provider amongst the SWIFT gpi for Corporates Early Adopters to offer and successfully implement this new, ground-breaking, fast and transparent method of exchanging cross-border corporate payment messages directly from a treasury management system.

BELLIN upgrades

Release 19.1 of tm5 by BELLIN, rolled out in April 2019, now technically supports SWIFT g4C technology based on MT101 messages. Support for ISO 20022-based messages for bulk payments from ERP systems that contain a unique tracking reference (UETR) will follow later this year.

BELLIN tm5 incorporates the UTR references automatically in real-time, so at any point in time users will know exactly the status of each gpi/cross-border payment.

SWIFT gpi progress

SWIFT gpi for Corporates is a multi-bank payment tracking solution that enables corporates to achieve complete visibility of the status of all their cross-border payments in real time. The key feature of the solution claim BELLIN is the standardized tracking of payments across different banks by SWIFT.

BELLIN believe that there are three main benefits of Swift’s global payment initiative:

1. Speed: 50% of payment are processed to the beneficiary’s account in less than 30 minutes
2. Traceability: real-time view end-to-end view of their cross-border payments as the status of payment changes and when finally credited to the beneficiary’s account
3. Transparency: full visibility of bank fees charged and FX rates, and to see the exact time the funds are credited to the beneficiary’s account which enables users to see if the end amount = instructed amount all made possible by the Unique Tracking Reference assigned to each payment.

In June 2019, SWIFT will make the gpi for Corporates service available to all SWIFT corporate customers. This will then enable all BELLIN clients who use the BELLIN SWIFT Service and have their own BIC to introduce gpi for Corporates, provided a customer’s banks support gpi for Corporates. Various major banks have already added this to their portfolio, others are soon to follow.

CTMfile take: Integration of Swift gpi’s service with their TMS opens up a revolution in cross-border payments for corporates worldwide.