Financial messaging services provider Swift has commenced a pilot test of a multi-bank payments tracking service, Swift gpi.

The new service, developed in partnership with ten multinationals and 12 leading banks, aims to enhance cross-border payments service for multi-banked corporates.

It customises the Swift’s global payments innovation (gpi) initiative to fulfil the requirements of corporate treasurers dealing with several banks  to initiate and track gpi payments in a single format.

The service is also said to integrate gpi flows in ERP and Treasury Management Systems.

The design of the solution has been developed through multiple Swift-led co-creation workshops.

After deployment, the new standard is expected to allow the banks and other application providers to enhance transparency and improve payments certainty and traceability.

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Swift global head of corporates Marc Delbaere said: “Corporates want to track payments in real time and get confirmation of credit to the beneficiary’s account.

“This new multi-bank capability will enable that experience in a consistent fashion, across multiple banks and multiple corporates. Having this information instantly in the corporate treasury space is what corporate customers are asking for.”

Banks, which are participating in this pilot include Bank of America Merrill Lynch, BBVA, BNP Paribas, Citi, Deutsche Bank, JP Morgan, Sumitomo Mitsui Banking, Société Générale, Standard Chartered Bank and UniCredit.

Introduced in early 2017, gpi has more than 180 banks signed up accounting for around 30% of Swift crossborder payment traffic.