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SocGen extends SWIFT gpi to nine new countries

Benoit Desserre, Deputy Head of Global Transaction Banking and Payment Services for Societe Generale

French bank Societe Generale has extended the SWIFT gpi standard to nine new countries: Germany, Belgium, Spain, Italy, Netherlands, United Kingdom and Switzerland in Europe, as well as Hong Kong and Singapore in Asia. It already covers France and Monaco. The bank said the move will allow its corporate clients to track and manage cross-border payments more efficiently. It listed the benefits of SWIFT gpi as increased processing speed of global payments, fee transparency, real-time payment tracking, and end-to-end payment information transfer.

Societe Generale joined the SWIFT gpi initiative in 2017. The solution covers payments issued and received by Societe Generale in the 11 listed countries, denominated in Euro or other global currencies. It said corporate treasurers will soon have access to the gpi tracker through the SG Markets platform or via host-to-host reporting solutions.

“Today, more than a third of SWIFT gpi payments issued by Societe Generale are confirmed by the beneficiary bank in less than five minutes,” commented Benoit Desserre, Deputy Head of Global Transaction Banking and Payment Services for Societe Generale. “This performance alone demonstrates the efficiency of our collaboration with SWIFT and the added value that gpi holds for our clients.”

“We are delighted that Societe Generale is playing a leading role in extending the reach of SWIFT gpi,” added Alain Raes, Chief Executive EMEA and Asia Pacific, SWIFT. “As one of the first banks in France to go live on the service, and the first worldwide to go live on SWIFT gpi for Corporates after the pilot phase, Societe Generale is transforming the cross-border payments experience for its customers. We look forward to continuing our collaboration with Societe Generale as SWIFT gpi moves towards global adoption.”

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