Transfer tracking service via gpi tracker will be used for tracking end to end transfers among banks. This covers all payments sent via Swift, and it allows the banks involved in this service to track the status of the transactions. This service went live last week, emphasizing that the Bank routing transfer will be able to view the fees and commissions charged and deducted by all banks for each transfer, enhancing thereby the transparency between banks and the customer.
Moreover, in the future, the bank will be able to provide its customers with the option to track all their electronic transfers (thru SWIFT network) from triggering the transaction to its credit to the beneficiary.
The gpi Tracker also helps to make easier reconciliations of electronic funds transfer and with it banks will be able to better manage their liquidity and optimize the use of their fund for investment. It can also reduce exposure to FX risks by making it possible to process the payments in the same day and within the timelines agreed upon for the beneficiaries.
Being a cloud hosted service, it is possible to connect the gpi Tracker to the Bank’s systems via API to be in line with computer systems at all banks over the globe.
What`s more, funds transferred among the banks that joined this service amounted to more than USD 100 billion sent daily across 220 international payment corridors for sending and receiving payments among countries. The number of banks involved in this service exceeds 155 around the globe and it is on the rise and this will encourage all banks to join.
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