SWIFT launches cross-border payments tracker

Tuesday 23 May 2017 13:37 CET | News

SWIFT has launched a cross-border payments Tracker that enables international payments to be traced in real-time.

The Tracker is the basis of the SWIFT gpi service that combines real-time payments tracking with same-day settlement for international payments. The service is used by more than 20 global transactional banks, and has enabled payments across more than 85 countries.

The gpi Tracker provides an end-to-end view of payments, invoice management and reduced exposer to FX risks with same day processing of funds in the beneficiary’s time zone. The system allows international payments to be processed fast, allowing businesses to improve their supply chain process.

The Tracker is available via an open API and can be integrated within banking systems worldwide. The service is also compatible with and integrated into domestic payment market infrastructures (MIs) across the globe.

Recent banks that have adopted the SWIFT gpi system are: Agricultural Bank of China, Bank of Communications, Banque Centrale Populaire, BayernLB, China Citic Bank, China Minsheng Banking Corporation, Commercial Bank of Kuwait, Denizbank, Ebury, Industrial Bank, Lek Securities, Ping An Bank, Piraeus Bank, Postal Savings Bank of China, Shanghai Pudon Development Bank, Turkiye Cumhuriyeti Ziraat Bankasi, Westpac Banking Corporation and Yapi Kredi, and Zhejiang Rural Credit Cooperative Union.

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Keywords: SWIFT, SWIFT gpi, cross border payments, online payments, payments tracker
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce