SWIFT has extended its gpi Tracker to cover all payment instructions, allowing gpi banks to track SWIFT payment instructions at all times.
The tracker, which was implemented in May last year, allows banks to track their gpi payments in real time. From November this year, a unique end-to-end transaction reference will be included in all payment instructions carried between all 11,000 customers on SWIFT.
According to SWIFT, the update will provide its gpi customer with greater transparency and cost reduction.
Harry Newman, head of payments at SWIFT, said: “SWIFT gpi has been hugely beneficial for banks and their customers since its launch, but extending this tracking facility across all payments traffic will be truly transformational.”
“These expanded tracking capabilities are part of a series of gpi services we will roll out in 2018 to further improve the cross-border payments experience, enable banks to provide a far superior service to their customers and rapidly attract more banks to join.”
Navinder Duggal, group head of cash product management from DBS, one of the early gpi adopters in Asia, added: “The extension of the Tracker to non-gpi payments is a major step forward. It will significantly extend transparency and it will drive more banks to join the service, rapidly making gpi the new normal in cross-border payments.”
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