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SWIFT unveils industry's first cross-border payments tracker

First Published 23rd May 2017

Corporate treasurers can now find out where a payment is at any given time.

Christian Sarafidis, SWIFT

Christian Sarafidis, SWIFT

Brussels - SWIFT has announced 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 combines real-time payments tracking with same-day settlement for international payments.

SWIFT's 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 can also enable a more accurate reconciliation of payments and invoices, optimize liquidity with improved cash forecasts and reduce 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.

"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."