UK-based bank Standard Chartered has launched SC GPI Track, a public portal that offers tracing of cross-border payments cleared through the Bank’s clearing centres.
The service will be available for both their corporate and retail clients. Similar to tracking the delivery of parcels, Standard Chartered’s clients and their counterparties can now obtain the status of any payments the Bank has processed in real-time, by simply entering SWIFT’s end-to-end transaction reference (UETR) associated with the cross-border payment on the public portal.
Standard Chartered officials have stated that corporations and financial institutions around the world rely on the confirmation of payments to facilitate the movement of goods and services in order to support the healthy growth of supply chains. On average, 40% of gpi payments are credited to end beneficiaries within 5 minutes and 50% are credited within 30 minutes.
The bank also stated that, with the launch of SC GPI Track, corporations and financial institutions will be able to further facilitate ecommerce by moving money faster.
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