BNP Paribas’ BENEtracker, a product co-created along with a major corporate client to facilitate their payment inquiries, is now available to all the bank's Cash Management customers via the e-banking tool, Connexis Cash.

Whether it is a large multinational with a centralised payment factory, or a smaller company working with international customers and suppliers, answering payment inquiries can be a time-consuming activity. The BENEtracker uses SWIFT gpi technology to relieve this pain point by allowing corporates to proactively share tracking links with their beneficiaries for them to track international payments coming their way in real-time.

For around a year, Connexis Cash users have had access to the SWIFT gpi metroline giving them a real-time view on the statuses of their international transactions, including intermediary banks routing and fee deductions. Now, they can offer the same tracking capability to their counterparties in just a few clicks. The Counterparty Advice functionality in Connexis enables users to generate a PDF file containing not only the transaction details but also a link to the BENEtracker portal where their supplier expecting an international payment from them can monitor the progress of the transaction until the account has been credited. The email sent to the beneficiary from Connexis Cash is totally secure and no sensitive payment data is displayed in the portal. This new service in Connexis Cash is now available to all users, without any prior activation or additional charges.

Flagging up incoming payments to beneficiaries

BENEtracker is a DHL-style tracker, aimed at tracking payments with a focus on beneficiaries to make them aware of the status of specific payments that are due to them. It is directly accessible by beneficiaries in order to minimise the time spent chasing outgoing payments and allows them to access a public space where they can see non-confidential data about the payment. 

How it works

A BNP Paribas client initiates an international payment to a beneficiary via an account held at the bank. Upon the processing of that payment, BNP Paribas will report back the execution of the relevant payment and the unique end-to-end tracking reference (UETR). It is also possible for customers to use their own UETR. BNPP's client communicates to its beneficiary the link to the BENEtracker service and the UETR of the payment. Subsequently, the beneficiary can track the delivery of funds into their account. The BENEtracker reveals the delivery status of BNP Paribas payments but at the same time it does not disclose any sensitive elements of the payment. Beneficiaries can access the service through a web browser.

What's in it for corporates?

BENEtracker is designed to help reinforce trust with counterparties by providing them real-time visibility on the progress of settlements. Ultimately, this is a self service tool for any party involved to follow sensitive transactions or detect irregularities along the process. This may be relevant for beneficiaries but also for internal stakeholders like local affiliates. After all, Exception Handling can be time consuming.

A new tool leveraging existing solutions

BENEtracker combines two types of services. Firstly, corporates confirming payment to beneficiary and the underlying invoices and adjustments. And secondly, the tracking capability of payments over the SWIFT network via gpi. The difference is that the remittance advice is enriched with the UETR and that the gpi service is not used for outward tracking but for inward tracking based on this UETR, known by the ordering party and communicated to the beneficiary. 

Available to non-BNP Paribas beneficiaries

The user of the service does not need to be a client of BNP Paribas. In that sense, it is multi-bank. But the ordering account needs to be an account on the BNPP books, as the bank leverages the outward tracking capabilities of gpi based on the UETR.  

Co-creating treasury solutions

BNP Paribas is co-creating with its corporate clients to leverage the latest treasury technologies to deliver concrete solutions that solve today’s treasury headaches, while preparing treasurers for the future operating environment.

The bank's Treasury Board is the initial phase of its co-creation process, where it invites senior finance professionals of large multinational corporations to discuss the treasury processes and elements to improve upon. Once a subject is selected, it is taken to a next phase, where the bank invites the operational teams of its clients who work in cooperation with BNP Paribas product teams on the possible solution. For that phase, the solution will have a few corporate ambassadors leading the development. The other interested members of the Treasury Board will follow the project from some distance. Once a proof of concept or minimal viable product has been developed, the bank will scale the solution, which is how BENEtrack was developed.

BENEtracker equips treasury teams with a very convenient way of proactively keeping their internal and external stakeholders updated on their payment statuses. By deploying this new cutting-edge functionality, the solution aims to help make the life of its customer’s treasury teams easier.