Standard Chartered enhances cross-border payment experience
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Standard Chartered enhances cross-border payment experience 07 January 2020Singapore Reporter: Maddie Saghir
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Standard Chartered has launched SC GPI Track, a publicly accessible portal that offers the ability to trace all cross-border payments cleared through the bank’s major clearing centres to its clients, as well as its corporate and retail clients.
As part of the launch, Standard Chartered clients and their counterparties can now obtain the status of any payments the bank has processed in real-time.
According to the bank, clients can do this by entering SWIFT’s unique end-to-end transaction reference (UETR) associated with the cross-border payment on the public portal.
SWIFT is a network provider that enables financial institutions worldwide to send and receive information about financial transactions, and SWIFT gpi is the new standard in global payments.
Alain Raes, chief business development officer at SWIFT, explained that for far too long, the industry wanted to believe that a slow, opaque and costly cross-border payment was a technology problem.
Raes noted that with SWIFT gpi, the global financial system has demonstrated that transparent and traceable cross-border payments are a reality today.
“Standard Chartered, as an innovative and forward-thinking institution, understands the apt reuse of their SWIFT infrastructure in a practical way. With the launch of SC GPI Track, corporations and financial institutions will be able to further facilitate e-commerce by moving money faster. We view that as a sign of leadership, foresight, and innovation,” Raes added.
Meanwhile, Lisa Robins, global head of transactions banking at Standard Chartered, said: “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.”
She added: “The SC GPI Track further demonstrates our commitment to deliver innovative solutions, and provide a better and more efficient banking experience for our clients.”
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