Industry SectorsFinancial ServicesSWIFT adds cross-border payments tracker to gpi

SWIFT adds cross-border payments tracker to gpi

The new service will enable corporate treasurers to trace where an international payment is at any given time.

SWIFT said that its new cross-border payments Tracker, enabling international payments to be traced in real-time, is now available. The Tracker is the cornerstone of the SWIFT global payments innovation (gpi) initiative, which combines real-time payments tracking with the certainty of same-day settlement for international payments.

Unveiled last January, more than 20 global transaction banks are using or implementing the SWIFT gpi service and 50 more are in the implementation pipeline. Hundreds of thousands of gpi payments have already been sent across more than 85 country corridors.

“Uptake of SWIFT’s gpi service has been encouraging and the addition of the Tracker capability can only help build momentum and accelerate adoption of the service in international payments,” says David Bannister, principal analyst for IT consultancy Ovum.

“The most common complaint from corporates is the lack of visibility on their payments’ status. With the Tracker capability, SWIFT gpi tackles that issue and will be a useful tool to help corporate treasurers to execute their core responsibilities.”

The Tracker is available via an open application programming interface (API), making it compatible with proprietary banking systems worldwide. It provides corporate treasurers with a real-time, end-to-end view of their payments combined with a confirmation notice when the money reaches the recipient’s account.

It also enables a more accurate reconciliation of payments and invoices, optimises liquidity with improved cash forecasts and reduces exposure to FX risks with same-day processing of funds in the beneficiary’s time zone.

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