After making inbound international payments tracking available for g4C customers (SWIFT gpi for corporates), BNP Paribas has become the first bank to offer this feature within its e-banking system, Connexis Cash.
For more than a year, corporates using Connexis Cash have been benefitting from SWIFT gpi Metroline for outgoing cross-border payments, a live self-service feature allowing them direct visibility on the payment status, the intermediaries involved, the processing time-frame, correspondent costs and FX charges. Now, the same tracking service – with the same amount of detail and the same Metroline display – will be provided for incoming international payments, before they are credited to their account.
In other words, as soon as a payment is initiated by a counterparty in the SWIFT network with a BNP Paribas account as beneficiary, BNP Paribas will be immediately notified by the SWIFT gpi tracker and will display this information and the subsequent status updates on the payment progress to the beneficiary in Connexis Cash.
When connecting to the e-banking platform, BNP Paribas customers will be able to see the cross-border payments headed for their accounts with their current status and location. In the transaction list, customers can easily apply filters, and even make their own user templates, to select the information displayed – e.g. to display both the original instructed amount and the confirmed amount, to quickly spot any amount difference.
This new feature is available without additional charges.
The positive impacts this innovation promises to bring to day-to-day cash management are many: easier follow-up of sensitive payments, better receivables forecasting, improved liquidity and intraday credit line management, accelerated supply chain cycle, and a more accurate reconciliation process thanks to the upfront information on deducted fees.
There is growing interest for on-demand, real-time treasury services that make a real difference in the day-to-day business of treasurers. This makes inbound tracking one of the new, must-have tools in a treasurer's toolbox.
Contact your local BNP Paribas representative to find out more.