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Industry roundup: 29 June

BNP Paribas goes live with SWIFT gpi for corporates Pay and Trace

After the integration of the SWIFT gpi-related information in its global e-banking channel Connexis Cash earlier this year, allowing clients to track their cross-border payments online in real-time, BNP Paribas is now extending its gpi capabilities with the launch of the g4C Pay and Trace service.

g4C Pay and Trace enables corporates to generate their own UETR (the end-to-end transaction reference used to track the payment across the SWIFT network) and provides them with an enriched payment status report that contains the real-time tracking details of the payment, including fees and throughput times at intermediary banks. This reporting (payment status report), which comes in a standardised XML format, can be incorporated directly into ERP systems or TMS, which offers a benefit for multi-banked corporates.

SWIFT gpi has already removed some of the pain-points associated with international payments by giving customers full visibility on the payment status and unprecedented transparency on routing, intermediary fees and FX costs. The g4C Pay and Trace service goes a step further, by centralising the traceability information into the corporate’s own system, in a format that is easily integrated. Based on the features proposed by their vendor, corporates can benefit from a consolidated view for all their cross-border payments from all their banking partners that have enabled the g4C service.

The bank says it is also getting ready to implement additional g4C features, with Inbound tracking next in the pipeline. With Inbound tracking, corporate treasurers will be armed with better cash forecasting, by receiving end-to-end tracking information for incoming payments, as soon as they are released to the SWIFT network by the ordering bank. Inbound tracking will be integrated to the g4C service, and also be made available in Connexis Cash.


Boost and BMO Harris partner on automated B2B payments 

Boost Payment Solutions has announced a strategic collaboration with BMO Harris Bank. Boost will now provide straight-through processing (STP) technology to extend BMO Harris Bank’s Approve2Pay corporate card solution with automated processing, enhanced remittance reporting, and operational efficiencies for both buyers and suppliers.

The process for accepting and processing virtual card payments has increased manual data entry and reconciliation challenges for accounts receivable departments. Boost Payment Solutions and BMO Harris Bank are collaborating to integrate Boost’s STP capabilities with BMO Harris Bank’s Approve2Pay payment solution to simplify the delivery, processing, and reconciliation of B2B payments and bring automation to accounts receivable function.


Ivalua launches spend management solutions 

Ivalua, a provider of global spend management cloud solutions, has announced the availability of a pre-packaged suite of solutions for financial services. The solutions span the full source-to-pay process and enable financial services customers to more rapidly ensure agility with regulatory compliance and accelerate cost optimisation to deliver further value to the business

The package is on the same, single code base as Ivalua's full suite and offers the capabilities and extensibility of the company's platform. Customers can effectively manage all spend and all suppliers within a single platform, or select modules to target specific processes.

Using the pre-packaged solution, financial services customers can:

  • Ensure regulatory and policy compliance at the supplier and contract level.
  • Effectively manage third party risk with 360 degree visibility, including subcontractor exposure.
  • Accelerate cost optimisation across spend types, including complex services, with smarter category management.
  • Implement and demonstrate the value of their sustainability strategy and improve their company non-financial rating.

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