FIS, Louis Vuitton team up for cross-border payments
LVMH Group, makers of Louis Vuitton handbags and other luxury goods, leans heavily on cross-border transactions to distribute its products. To streamline its processes, the company has partnered with FIS.
Paris-based LVMH is using FIS’ Trax corporate payments platform to connect to the Swift Global Payments Innovation (gpi) to improve cross-border efficiency by automating payments reporting, according to a Tuesday press release.
LVMH processes about 1.5 million payments annually, and about 65 percent of those travel across borders, according to the release. LVMH plans to expand its Swift gpi implementation with FIS across the company’s global cross-border payments network to eliminate reliance on manual processes to trace payments, confirm settlement and resolve supplier questions, the release said.
FIS, a longtime Swift partner, has many clients already using its Trax system for cross-border payments, but the Swift gpi integration is part of a pilot Swift is conducting with 10 corporations, according to an FIS spokesperson.
“LVMH’s volume of cross-border payments presented unique challenges for the company, and we are pleased to provide the tools needed to leverage these emerging opportunities,” said Steve Evans, FIS’ head of corporate liquidity and bank treasury, in the release.
“This has been a great collaborative effort between our banks, Swift, and FIS that has already delivered tangible benefits to LVMH Group in our cross-border payments operation,” said Laurent Dall’Aglio, LVMH’s finance project manager, in the release.
LVMH’s other luxury brands include Moet Hennessy, Dior and Fendi, among others.