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BNY Mellon on the case

BNY Mellon has partnered with SWIFT to become the first US bank, and the fifth globally, to offer the gpi Case Resolution service to clients. The bank says it is a milestone in its commitment towards client-centric payment services and leading the path for other global payments innovation (gpi) initiatives.

Case Resolution, SWIFT’s cloud-based payment investigation and resolution service, expands its network-wide payments validation toolkit. It allows for dynamic query handling between banks on the SWIFT network and enables banks to create efficiencies by quickly resolving inquiries where operational, regulatory or compliance information is incorrect or missing from payment instructions.

This offering automates the inquiry process, holding other parties in the payment chain accountable for responding within a pre-defined timeframe. It is designed to reduce friction while speeding up resolutions and overall processing time. The bank says that inquiries take up 2% of its cross-border payment volumes, which take a tremendous amount of time, and effort to resolve. Case Resolution should save corporate clients from this extra time and effort, as well as money on investigatory fees, while alleviating the frustration of having to wait for information.

SWIFT outlines the key benefits of gpi Case Resolution as follows:

  • Improved transparency: Via the gpi Tracker, financial institutions can follow payment investigation requests anywhere in the cloud and record related interbank communications in an audit trail.
  • Shorter resolution time: Financial institutions can smartly route enquiry requests using the Tracker and ensure timely follow up backed by SLAs and a rulebook.
  • Reduced manual intervention: Using structured codes in the enquiry exchanges standardises communications. It reduces duplicate inquiries on the same payment and facilitates enquiries’ process automation by case software solutions.

Part of a broader offering

After implementing the SWIFT gpi services in 2017, BNY Mellon has continued to expand its service offerings by adding gpi cover payments in 2018, Payment Tracking and Stop and Recall in 2019, Payment Notifications and Case Resolution in 2020. BNY Mellon is now live with nine BICs in the Case Resolution ecosystem and plans to continue to expand further. 

"This solution will vastly improve the time to resolve an inquiry, ensuring invoices are paid on time, reducing fraud, and better meeting client expectations," commented Michael Bellacosa, global head of Payments and Transaction Services at BNY Mellon. "Ultimately, creating straight-through processing for inquiries has been long overdue and will eventually become the global standard."

“SWIFT’s mission is to make payments as fast, frictionless and secure as possible, so making exceptions and investigations easier to manage is a priority for us," added David Watson, head of North America at SWIFT. "While only a small number of payments are held up by errors and missing information, the time and effort to investigate and resolve them causes frustration for financial institutions. Case Resolution alleviates this frustration by enabling financial institutions to resolve these issues quickly and efficiently. The increasing adoption by banks is testament to the multiple benefits the service offers.”

Momentum behind gpi payments

In March this year, CTMfile reported on the spike in traffic for SWIFT gpi payments in 2019. Nearly US$77 trillion in cross-border payments were transferred via SWIFT gpi last year, almost doubling the US$40 trillion sent by the community’s members in 2018.

Alongside the traffic growth, the proportion of intergroup payments sent via gpi also grew to 65%, while the number of live country corridors almost doubled to 1,939. Over 50% of SWIFT gpi payments are now credited to end beneficiaries within 30 minutes, while over 3,900 members are using the service.

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