The Common Global Implementation initiative (CGI) has published best-practice guidelines for corporate-to-bank communication based on the ISO20022 XML financial message set.
CGIs aim is for corporates to be able to use the same message structure (for each message type) to interact with all of their transaction banks across the globe for payments initiation, account and status reporting. Around 60 financial institutions, corporates, vendors and market infrastructure providers are now part of the CGI initiative, which provides a forum for the key stakeholders involved in corporate-to-bank communication to meet, discuss and progress the use of harmonized messaging. SWIFT supports the CGI initiative both as contributing member and group facilitator.
Marc Gheyskens, solution manager, SWIFT for Corporates, said: Since the global financial crisis, more and more corporates have begun managing multiple bank relationships. That helps spread risk, but managing multiple relationships can be costly and challenging for both sides. Thats where CGI comes in, providing a place for banks, corporates, vendors and market infrastructure providers to work together to define a harmonized approach on how to implement corporate-to-bank standards.
(JDC)