Naval Group uses Swift's GPI for cross-border payments via Kyriba
Naval Group, an international technology company specializing in naval defense systems, is among the first to complete a cross-border payment through Swift's global payments innovation early adopter program.
Naval, a client of cloud treasury and finance software provider Kyriba, is using the GPI system for corporations and combining it with Kyriba's payment solutions. Naval Group says its first payment through Swift GPI's service for corporations was made to Societe Generale, marking the first naval defense technology payment made on the system.
Swift introduced GPI two years ago as a way to speed up the cross-border payment process through common messaging standards and system operation guidelines. Essentially, it was designed to get all banks using Swift to engage and communicate with the same processes and procedures, while adding new technology in similar timetables.
Kyriba, which focuses on payments and bank connectivity, views the Swift GPI as a way for its clients to expand payments capabilities worldwide.
“Swift GPI for corporates delivers much needed payments efficiencies so our clients can improve their payments outcomes and reduce risk,” Bob Stark, vice president of strategy for Kyriba, said in a press release. “Faster payments and transparency are central to mobilizing global liquidity for our clients."
San Diego-based Kyriba delivers payments options and bank connectivity to more than 2,000 clients worldwide. Through its SaaS platform, Kyriba says it processes more than 83 million bank transactions, 30 million payments and 530 million ERP transactions on behalf of its clients each month.
In the first half of 2019, Kyriba launched APIs with Citibank for faster payments, and JPMorgan for real-time corporate payments. Last year, the vendor partnered with World First to increase the speed and transparency of cross-border payments and reduce transaction fees for its European clients.