Flow June 2017
SWIFT’s Wim Raymaekers explains how corporates can monitor cross-border payments using cloud technology and streamline their back office processing at the same time The state of pay
Welcome to a world of fast, transparent and traceable cross-border payments.
In the beginning – phase 1 SWIFT, the global provider of secure
messaging services, launched an initiative for global payments innovation (gpi) in December 2015, two months after Sibos Singapore. This marked a watershed for the banking industry when it chose to take positive and immediate action to deliver a better payments experience for its corporate customers. Four evolving needs from corporate treasurers inspired SWIFT gpi: ● speed – same day use of funds within the time zone of the recipient; ● transparency of fees when payments are made; ● ability to track payments and receive confirmation the seller has been paid; and ● transferring remittance information unaltered.
I an Baxter, head of sales at the fictitious Sanyon Pacific company in Asia, is told by his chief financial officer Lawrence Turner that an engine cooling fan deal with a Japanese importer he has been working on has been signed for £1.78m. “Can I push the green light on this end? Time is of the essence,” he tells his colleagues in Canary
regions: Asia, Americas and Europe. He selects Northern Circle Bank to make the payment to the exporter’s bank in Manchester. The screen shows the amount to debit from the Northern Circle account in US dollars, the amount being paid to the recipient, the exchange rate used, the transaction cost applied – and the time it will take to credit the account (five minutes). The payment is tracked by Mr Tanaka as well as the Sanyon Pacific team in the UK on their screens with the result that a Maersk container is on its way East at the end of the film. 1
Wharf, London; “the deadline for our first shipment is this afternoon.”
Mr Tanaka, the Japanese purchaser, is on his way home from London to Tokyo and checks his cash balances across three
Made with FlippingBook flipbook maker