SWIFT (short for Society for Worldwide Interbank Financial Telecommunication) is a provider of global communication services for the exchange of financial transaction information in a standardised format. Companies provide networks focusing on extremely high security and availability. For this reason, SWIFT is used by many financial market infrastructures all over the world.
With gpi (global payments innovation), SWIFT started an initiative allowing banks to track the current status of each cross-border payment from the bank of the remitter to the bank of the beneficiary using a unique ID. This also results in new SWIFT gpi service offers, such as the Pay-and-Trace Service.
Based on the new UETR (Unique End-to-End Transaction Reference) in MT103 messages, coconet has developed a SWIFT gpi Tracker for the multi:bank products and in accordance with the multi:versa banking platform. The SWIFT gpi Tracker that uses and analyses SWIFT gpi data, significantly improves international transactions for corporate clients. Companies are provided with more security and the ability to plan, and feel that international payments are uncomplicated.
Advantages for your bank
- Additional profits, thanks to a new, fee-based service
- A high level of client satisfaction, thanks to an uncomplicated, cross-border payment experience
- Cost reductions because clients can analyse their status, fees and expected dates as well as possible reasons for rejections by themselves
Advantages for your corporate clients
- Quick, cross-border payments with increased transparency and traceability
- Machine-learning helps to lower fees and predict transaction times more effectively
- Extremely user-friendly presentation of SWIFT gpi data
- Optimisation of supply chain management because clients can detect problems themselves
Digital change for cross-border payments
The Tracking Module in multi:bank uses SWIFT gpi services to provide your corporate clients with more effective planning and tracking of their international payments and to help them to control their liquidity according to their needs.
On their finance dashboard, platform users can view the exact stages of international payments they have sent or will receive.
They can retrieve information about expected processing times and fees and enable notifications showing payment progress.
In addition, the intelligent system learns from previously processed transactions and automatically supports users with the optimisation of times and processes for international transactions.
Create a global payment experience
Thanks to the coco:SWIFT gpi Tracker, you can provide your corporate clients with additional transparency and more precise predictions for international transactions. In this way, you will stand out from the competition and are able to open up new lines of business. Furthermore, banks can generate additional revenue with the module because SWIFT gpi Tracking is a fee-based service.
Using the SWIFT gpi Tracker of the multi:versa corporate banking platform, banks can change the cross-border payment experience by providing quick payments that can be planned and tracked from beginning to end.
