Alibaba.com, the world’s largest e-commerce company, has joined SWIFT gpi for Corporates (g4C). „The internet giant is also collaborating with SWIFT, and a group of corporates, banks and treasury vendors on a new g4C payments tracking solution.”, according to a press release.
Today, corporates using the existing g4C Pay and Trace service enjoy a single centralised and standardised view of their payment statuses, across all their banking partners. They are able to track their payments in real-time, facilitating more accurate reconciliation, and preventing costly and time-consuming investigations.
„The new service, which is expected to go live in 2020, will offer e-commerce corporates like Alibaba.com more certainty and control over the management of payments and receivables. An extension to Pay and Trace, the service will provide real-time traceability of incoming payments from end-consumers and merchants as well.”, Swift said.
Since its launch in June 2019, g4C has seen keen interest from corporates, and has signed up over 20 corporates globally. As part of SWIFT’s ongoing commitment to ensure openness in cross-border payments, it will continue to collaborate with corporates in Asia Pacific to support them on their g4C journey, and help them connect securely to its bank and partner ecosystem of 11,000 participants.
„Though Libra has met with fierce resistance from central banks and supervisory authorities and might never see the light of day, in many other cases tech firms (both start-ups and established big players) have successfully captured bits and pieces of universal banks’ traditional value chain. This trend may only intensify in the coming years. In this environment, European banks remain squeezed.”