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Global luxury goods maker LVMH collaborated with FIS, SWIFT and six of its partner banks as part of the SWIFT gpi for Corporates pilot project, which aims to remove delays, uncertainty and lack of visibility from the cross-border payments made by multinational corporations. It was the logical extension of the payment centralization and automation project LVMH embarked on in 2010 with the FIS Trax corporate payments factory, which integrates seamlessly with SWIFT.
By bring greater transparency to the status and settlement of its cross-border payments, LVMH benefits from greater predictability and accountability within its supply chain. Trax and the SWIFT gpi integration are helping the company better manage its commercial relationships, reduce friction and control costs as it brings its luxury goods to market.
65%of group’s 1.5 million payments are cross-border
The advantages of implementing FIS’ Trax payment factory solution with SWIFT were significant.,,,We [also] were very keen to be part of the SWIFT gpi for Corporates pilot project,” said Laurent Dall’Aglio. “In particular, we recognized that it would offer huge benefits by improving the predictability and traceability of payments. We would also have visibility over correspondent banks, fees and the FX rates used for cross-currency payments.”
SWIFT gpi is a potentially transformative industry development, but it is not taking place in isolation, as application program interfaces (APIs) offer the potential to move toward managing cash, liquidity and risk in real time. FIS and LVMH continue their work in bringing clarity and confidence to cross-border payments and are exploring the potential for future API integrations.
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