Broadridge Financial Solutions has integrated SWIFT global payments innovation (gpi) for its corporate clients and is now on-boarding users.
The solution, introduced to enhance the speed, transparency and end-to-end tracking of cross-border payments, is now available through Broadridge’s financial messaging application (FinMApp) to all SWIFT members.
Having successfully integrated SWIFT Standard Release 2018, Broadridge clients can access the market infrastructure’s gpi technology through FinMApp, which delivers transaction monitoring, management, translation and reporting features on international payments to over 100 multi-national organisations. The move comes well in advance of the 2020 deadline set out by SWIFT to transfer all cross-border payments onto its gpi platform.
Broadridge’s cloud-based platform FinMApp, will enable corporate and financial institutions to track cross-border payments in real-time, receive status updates and notifications on applicable costs and charges. Through FinMApp, Broadridge clients are now additionally able to deploy a UETR _ a unique end-to-end transaction reference – required to identify transactions across national borders or to use the UETR created by any other system linked to FinMApp.
The move follows the successful completion of a SWIFT pilot, which focused on how banks and corporates can use its gpi technology to further streamline cross-border payments.
“SWIFT gpi has dramatically improved tracking and monitoring capabilities since its 2017 launch and played a significant role in alleviating friction in cross border payments,” says Alastair McGill (pictured), general manager of Broadridge’s Data Control business. “We can now help firms increase operational efficiency and reduce risk by offering gpi through FinMApp, helping all SWIFT members get ahead of today’s challenges to capitalise on what’s next.”
“By adding gpi information to FinMApp, Broadridge clients receive greater visibility into their payments through increased tracking capabilities and can manage risk more efficiently through the payment life cycle,” says Andreas Günther, executive director of SWIFT Services, Broadridge.