SWIFT announces today the availability of 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 2017, 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% of all SWIFT cross-border payments. Recent joiners to SWIFT gpi include: 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, Guangfa Bank, Lek Securities, Ping An Bank, Piraeus Bank, Postal Savings Bank of China, Shanghai Pudong Development Bank, Turkiye Cumhuriyeti Ziraat Bankasi, Westpac Banking Corporation and Yapi Kredi, and Zhejiang Rural Credit Cooperative Union. Click here for a full list of participating banks.
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,” says 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 adds, “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.”