Swift has introduced a new cross-border payments tracker that enables international payments to be traced in real-time. The tracker is part of the Swift global payments innovation (Swift gpi) service.

The tracker provides an end-to-end view of payments combined with a confirmation notice when the money reaches the recipient’s account.

The tracker is available via an open API, making it compatible with proprietary banking systems.

“The most common complaint from corporates is the lack of visibility on their payments' status. With the tracker capability, Swift gpi tackles that issue and will be a useful tool to help corporate treasurers to execute their core responsibilities,” says David Bannister, principal analyst, Ovum.

Wim Raymaekers, programme manager for Swift gpi adds, “This is only the beginning for Swift gpi. We will continue to explore new technologies, such as blockchain, and deliver more value-added payment services.”

Photo courtesy of Swift.