SWIFT has unveiled its new cross-border payments tracker that enables international payments to be traced in real-time.

The Tracker is the cornerstone of SWIFT gpi – the cooperative’s new payments innovation service – which is revolutionizing the industry by combining real-time payments tracking with the speed and certainty of same-day settlement for international payments.

Available since January, more than 20 global transaction banks are using or implementing the SWIFT gpi service, with another 50 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, 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.”

SWIFT gpi enables companies engaged in international trade to get paid for services, or delivery of goods, in a more timely fashion, enabling a faster supply chain process. The highly innovative gpi Tracker 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, optimizes liquidity with improved cash forecasts and reduces exposure to FX risks with same-day processing of funds in the beneficiary’s time zone. The Tracker is available via an open API, making it compatible with proprietary banking systems worldwide – helping to ensure maximum impact of gpi benefits at a greater adoption speed.

SWIFT gpi has garnered considerable industry support across the globe. More than 110 leading transaction banks have committed to the service, representing over 75 per cent of all SWIFT cross-border payments.

“Mashreq is happy to be part of SWIFT gpi, which is one among the many initiatives undertaken by SWIFT to facilitate change in the correspondent banking business by bringing in more transparency and speed,” said Jan-Willem Sudmann, group head International Banking, Mashreq Bank.

“As the first bank in the region to join this program, Mashreq has always been a pioneer in UAE in delivering innovative solutions that meets the dynamic and holistic needs of its customers. Mashreq’s digitization roadmap is closely aligned with SWIFT gpi program and we look forward to work with SWIFT to make this a success,”

The service is also compatible with and integrated into domestic payment market infrastructures (MIs) across the globe, facilitating local clearing and settlement of gpi payments. Banks can already exchange gpi payments over the 56 SWIFT-connected MIs as well as other MIs that have established local market practices for their participants that use the gpi service. SWIFT will also continue to actively engage with additional MI communities for future gpi compatibility.

“Today’s announcement is a significant step towards a game-changing experience for corporates the world over,” said Christian Sarafidis, chief marketing officer, SWIFT. “By taking advantage of the right technology, at the right time, with the right players behind us, SWIFT has successfully helped correspondent banking reach a significant milestone in its evolution.”

Wim Raymaekers, programme manager for SWIFT gpi said: “This is only the beginning for SWIFT gpi. We will continue to explore new technologies, such as blockchain, and deliver more value added payment services further transforming the international payments landscape and, in doing so, accelerating global trade.” – TradeArabia News Service