by Damien Godderis, Senior Product Manager, International Payments and Correspondent Network, BNP Paribas
Where is my payment? When will the funds be available? Where have correspondent banking fees been deducted? – and for how much? Which invoice is linked to which payment? For corporate treasurers, making and receiving cross-border payments is often fraught with complexity and lack of visibility. The GPII (global payment innovation initiative) is a timely and crucial opportunity to overcome these challenges and create visibility and certainty in international payments.
Attracting more than 65 leading banks, with BNP Paribas as an early pioneer, GPII is a market-driven initiative co-ordinated by SWIFT that offers unprecedented potential to improve the cross-border payment experience. The aim is to enhance the speed and transparency of cross-border payments, and promote fair pricing by providing better oversight of correspondent banking fees. This is taking place in a context of accelerated change, where banks are looking at rationalising their correspondent network.