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Industry roundup: 20 August

BBVA Garanti to provide SWIFT gpi pre-validation service

BBVA Garanti says it has become the first bank worldwide to complete integration of the SWIFT gpi pre-validation service. A statement from the bank said that controlled testing of the service is ongoing. Thanks to the service, transferring banks can confirm the beneficiary account information just prior to conducting the transaction, thereby avoiding potential transaction failures and improving operational performance.

Garanti BBVA was the first bank in Turkey to participate in the gpi initiative, launched by SWIFT in March 2017. The initiative allows banks - international and national alike - to track transfers made via SWIFT using Garanti BBVA internet banking. With the Swift Outbound Tracking Service, users can view all the transaction details from the time it is performed, including the transfer status, the intermediary bank, and the time it takes until reaching its destination. In addition, immediate notifications about transaction completion can be received.

In addition to the Swift Departure Tracking Service, Garanti BBVA plans to activate the Swift Inbound Tracking Service in the coming months. With this feature, customers will be able to track money transfers from the time the funds leave the originating bank, providing visibility as to when they can be expected to hit their accounts. The service, which contributes to customers’ ability to manage their cash flow, will be available either via the bank’s Internet banking service or its API.

 

Plastiq partners with Silicon Valley Bank on FX credit card payment capabilities

Plastiq, a payment solutions provider for businesses, has announced a partnership with Silicon Valley Bank to offer foreign exchange (FX) credit card payment capabilities. Through this partnership, businesses can use their credit card to pay international suppliers in the suppliers’ local currency instead of in US dollars, even where credit cards are not accepted. SVB will release new currency options on a rolling basis and its global reach will provide clients with the option to pay their suppliers in more than 90 international currencies.

By using Plastiq, companies can free up to 30-45 days of cash flow by putting bills on their credit cards, allowing them to allocate their cash reserves to the places they need it most to safeguard their businesses. Plastiq charges a low flat fee for domestic and global payments, which can be processed in as little as three business days.

In addition to the FX payments solution, the partnership expands to SVB’s Commercial Card segment. SVB Commercial Card clients can now benefit from preferential Plastiq pricing when using Plastiq to pay their suppliers that do not accept credit cards in the US or global markets. Plastiq works with all major credit card providers, including Mastercard, Visa and American Express.

 

BNP Paribas closes environment-linked RCF with Empresas CMPC

BNP Paribas has closed a US$100m syndicated revolving credit facility (RCF) structured as a sustainability-linked loan (SLL) with Empresas CMPC (CMPC), a Chilean pulp and paper company. BNP Paribas, as joint lead arranger and sole sustainability coordinator, led the group of banks involved in the transaction, and will be the administrative agent of the facility.

This is the first SLL for CMPC and the first for BNP Paribas in Latin America. It is also the first SLL RCF in Chile with comprehensive environmental Key Performance Indicators (KPIs). The RCF includes four environmental sustainability performance targets as described below:

  1. Greenhouse gas emissions.
  2. Industrial water use.
  3. Industrial waste to landfill.
  4. Area for protection, conservation, and restoration.

The recent launch of the UN-backed Taskforce for Nature-related Financial Disclosures (TNFD), of which BNP Paribas is part of, is reinforcing the need to address biodiversity loss and manage associated nature related risks. The aforementioned KPIs align with tackling this objective, along with CMPC’s public corporate sustainability goals, and cover a broad range of key sustainability issues for CMPC and the pulp and paper industry as a whole, motivating the company to outperform holistically. The SLL also offers incentives to achieve results for the company in line and beyond publicly expressed commitments.

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