Saudi British Bank goes live with SWIFT gpi for corporates

SABBThe Saudi British Bank (SABB) said it is going live with SWIFT gpi for Corporates service (g4c), making it the first bank in the MENAT region to offer this service.

SWIFT went live with the full go-live of SWIFT gpi for corporates in July. The service was designed in conjunction with banks and corporates to enable multi-banked corporates to initiate and track payments across multiple banks directly from their treasury and payment systems. SABB is among the group of more than 50 global companies, which includes Microsoft, LVMH and Petronas, to use this service.

“…This addition to our offering better enables our corporate customers to process fast, efficient and transparent cross-border payments through a standardised gpi experience, which allows payment tracking and transparency directly through Enterprise Resource Planning (ERP) and Treasury Management Systems. An increasing number of banks are offering SWIFT gpi tracking through their individual portals, which benefits companies track via bank-specific platforms. However, for multi-national institutions, that have multiple local and international banking relationships, SWIFT g4c provides a centralized view of multi-banking information enabling to track their payments in one place,” said Majed Najm, Deputy Managing Director, Corporate and Institutional Banking, The Saudi British Bank.

The cross-industry collaboration builds on SWIFT’s global payments innovation (gpi) service to further enhance the cross-border payments experience. This new standard will enable application providers and banks to offer corporates better visibility and transparency, thereby improving certainty of payments, traceability, exception handling and reconciliation directly in their treasury operations, SABB said in a statement.

“Banks around the world have embraced SWIFT gpi as the new standard for cross-border payments and are already delivering faster, more transparent and traceable payments to their customers. SWIFT gpi for Corporates takes this a step further, allowing corporates to track payments in real-time and receive confirmation of credit in a consistent fashion, across multiple banks within their corporate treasury systems. This is exactly what corporates are looking for,” said Onur Ozan, Head of the Middle East, Turkey & North Africa, SWIFT.

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