Issues facing banks and FIs with traditional cross border payments

Unpredictable processing and resolution time

Each Correspondent party may have different SLAs to process

When Issue arose – needed to wait for other party to respond or further chasing needed

Mounting numbers of inquiries

As number of payments grow, so did number of queries

Competing technologies of traceability

Increasing frustrations and delays

Multi-hops meant could not give exact update on progress or when payment due to be received

Sending/Beneficiary Banks not able to provide visibility to their own customers on payments 

Strained customer and counterparty relations

Both parties blaming each other for the delays

Customer caught in the middle

The Solution

SWIFT gpi for API & Universal Confirmation

Bottomline’s SWIFT gpi for API solution provides seamless technical connectivity to update and engage with the new SWIFT tools  (SWIFT Observer, Directory & Tracker) that reduce the previous issues with transparency, tracking, reconciliation, cost and overall efficiency.

 

The gpi Observer: Monitors whether gpi members are following the rules set out in the SLAs (for example, ‘Are you making funds available on the same day?’ and ‘Are you providing transparency of fees?’). (EYES)

Highlights the adherence of other gpi members to SLAs – e.g. availability of payments same day or clear transparency on fees.

Enables members to benchmark themselves and identify potential areas for improvement

Ensures industry-wide transparency and best practice

 

The gpi Directory: Shows what Banks/BICS/Currencies are on GPI (MEMORY)

Offers visibility of all operational details from gpi member community in order for the optimisation of payments routing

Flexibility of view over multiple channels, including automated delivery channels

 

The gpi Tracker: Ensures traceability, transparency and completeness (Beating HEART of GPI)

Provides a real-time view of the status of a payment throughout the transaction chain that provides traceability & transparency.

Reduces time for investigations and provides a better customer service. In fact, if you use APIs to enable customers to self serve you can save 50% on operational costs according to SWIFT (July 2019 update).

Leveraging SWIFT gpi’s EYEs, MEMORY & HEART, results in;

All GPI members signing up to same SLAs

All payments received by beneficiary are available to end customers on the same day

No longer have to contact counter party for update, can validate via SWIFT Tracking Portal or APIs

Complete transparency of the adherence to the higher GPI SLAs – so each party can validate their counterparty risk for delays

Being in the directory, shows who is signing up to the enhanced SWIFT SLAs (and who is not)

GPI customers can track both outbound and inbound, so this will help Corporates with their liquidity and Cash Management capabilities

Parties in the chain cannot alter the remittance details (NB: Pre-GPI this often leads to reconciliation challenges, delays, etc.)

If all Banks of a Corporate are on GPI, it provides a single Solution for tracking all payments

Access the SWIFT APIs for gpi via the Bottomline API Gateway - single window, managed service – for easier and faster implementation

Download Fact-sheet  Deep Dive

You can choose support for one or all of the below:

BT transaction 70

Access to the SWIFT Tracker User Interface over our secure connection

BT data representation 25

A File Upload service for the Confirmations

BT documentation & messaging 53

Access to the SWIFT Tracker using our API

Features and benefits of Bottomline’s SWIFT gpi and Universal Confirmation Technical Solutions:


Gain direct access to SWIFT gpi tracker database, via a Graphical User Interface (GUI), FIN messages or API.

GUI access via the bureau Gateway and SWIFTNet Web Access, leveraging the Multi Factor Authentication service provided by Bottomline today.

FIN messages to update and receive status messages, configured for integration to your payment systems.

APIs via the GPI Connector hosted on our Bureau Gateway with ongoing support with no requirement to install the software themselves. The license is valid for both SWIFT gpi or Universal Confirmations.

Set up and ordering support.

Ongoing maintenance and availability via our Gateway.

Configuration support for speed to market.

We will work with you to identify and implement the changes to you messaging to ensure compliance with the GPI rulebook.

Including additional fields, new code words and additional data required.

Integrated with your existing payment flows

New message flows.

Modify existing flows.

Derive the full value of SWIFT gpi data without re-engineering your back office

Using our transformation services to avoid making significant change to your systems to support the new messaging requirements

Why should banks, FIs and Corporates prioritise SWIFT gpi implementation?


You can’t afford to NOT be a part of the SWIFT gpi network:

4275+ financial institution signed up to SWIFT gpi as if February 2022. 1830 gpi members are ‘live’ with gpi credit transfers covering 151 of the world’s 180 currencies. Every day 1 million cross border payments worth $493bn are sent over gpi across 2940+ country corridors.

Your customers are demanding it:

Corporate customers have threatened to switch banks if they don’t get it e.g. 100% of corporate clients of one European bank onboards all ask for details on what SWIFT gpi offerings are available and they can track this via this via the GPI Tracker, GPI Observer & the GPI Directory. Therefore, banks and FIs that aren’t performing well will be exposed.

SWIFT gpi can improve your operational efficiency:

SWIFT gpi has the potential to improve an institution’s internal processes and save them valuable money and resources. Added transparency will enable your customers to ‘self-serve’ - “it eliminates manual intervention and reduces customer investigations by 50 percent, saving on the cost of resources” (SWIFT Global Payments Innovation Report, August 2018).  

There is also the opportunity to build new services and revenue streams:

By leveraging the tracker data and solving for IS0 20022, financial institutions can offer more innovative solutions such as real-time payments and open banking.

What are Universal Confirmations and how are they different to SWIFT gpi?


Universal Confirmations is a SWIFT mandate that needs to be met by November 2020 (available since November 2019) which requires every single customer payment (MT 103 on FIN) has a confirmation that the funds have been credited to the end beneficiary account.

Confirming payments gives you access to the Basic Tracker.

Through the basic tracker you will be able to see the status of your inbound and outbound payments, have visibility of when clients are credited and the confirmed amount. This can be of significant value to your client service teams that are looking to improve customer experience and deliver faster, and clearer reconciliations of payment queries.

Why it matters?

4275+ financial institution signed up to SWIFT gpi as of February 2022. 1830 gpi members are ‘live’ with gpi credit transfers covering 151 of the world’s 180 currencies. Every day, banks send the equivalent of over $493 billion in value and 56% of SWIFT’s 17M daily messages.

Don't just take our word for how we can transform your strategy

Explore various customer use cases for how Bottomline Financial Messaging Universal Aggregator IQ has impacted their institution:

Kiatnakin Customer Success Story

“Bottomline’s UA system has provided an opportunity for us to improve operational resilience, overcome regulatory compliance challenges and scale up quickly to address evolving changes in the market.”

- Narongrit Promfai, Vice President – Investment / Core Banking System

Read Full Story  View highlights

“DGB Bank PLC (DGB) is implementing a new core banking system. Due to the tight timelines, as well as previous difficulties in becoming a SWIFT member, we chose to outsource to Bottomline. The experience of onboarding to Bottomline’s hosted Universal Aggregator solution was straightforward, quick and seamless with the great assistance of the Bottomline project team to help with queries and the end-to-end process. The solution, alongside Bottomline’s Secure Payments and SWIFT CSP service, allows us to focus on the bank’s core business operations, whilst minimizing the risk of payment fraud.”

- Sieng Kimhong, Chief Information Officer

View Highlights

DGB Bank Customer Success Story
Paragon Customer Success Story

“The cooperation between Paragon and Bottomline was excellent – what you would expect from a partnership.”

- Paul Pahil, Head of Finance Operations

View Highlights

“BMCE Bank International are a long-standing client of Bottomline’s and are very pleased with the service we have been provided with for several years now. The level of governance and regular interaction the bank has with Bottomline ensures a close working relationship and that we are kept updated with the latest payment and industry developments."

- Colin Janes, Head of IT

Read Full Story

BMCE Customer Success Story

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