Swift goes universal for real-time payment tracking
Swift
has extended its gpi Tracker to cover all payment instructions sent across the network, enabling gpi banks to track all their instructions and get full visibility.
The Tracker, which has been available since May 2017, enables banks to track their gpi payments in real-time.
From November, Swift says a “unique” end-to-end transaction reference will be included in all instructions carried between all 11,000 customers on Swift at all times, across more than 200 countries and territories.
Navinder Duggal, group head of cash product management from DBS, one of the early gpi adopters in Asia, calls the extension “a major step forward” and it will “significantly extend transparency and it will drive more banks to join the service”.
According to Swift, the Tracker also facilitates more accurate reconciliation of payments and invoices, optimises liquidity with improved cash forecasts and reduces exposure to FX risk, with same-day processing of funds in beneficiaries’ time zones. As a cloud-based service, the Tracker is available via an API.
Launched in 2017, Swift adds that gpi accounts for 10% of its cross-border payment traffic. More than 150 banks, representing over 78% of its cross-border payments traffic, have signed up to the service.
Treasure
In a separate development, Swift announced on 21 March that it is joining forces with SAP to offer treasurers an out-of-the-box integration with financial institutions, connecting to its network.
SAP Multi-Bank Connectivity, a new integrated connectivity solution based on SAP Cloud Platform technology, enables corporate-to-bank connectivity for SAP S/4HANA customers who need to connect with multiple banks.
Companies can choose between an embedded connection to the Swift network, and bank connectivity through their usual banking partners.
Swift says the objective is to “lower the barriers of entry that exist for corporates to reach all their banks globally”.
