Standard Chartered becomes the first bank to introduce a platform allowing the public to track and trace payments much like a parcel delivery.
Standard Chartered has announced the launch of SC GPI Track, a publicly accessible portal that offers the ability to trace all cross-border payments cleared through the bank’s major clearing centres to its clients.
“Similar to tracking the delivery of parcels, Standard Chartered’s clients and their counterparties can now obtain the status of any payments the bank has processed in real-time, by simply entering SWIFT’s unique end-to-end transaction reference (UETR) associated with the cross-border payment on the portal,” the bank said.
Global Payments Innovation (GPI) initiative
GPI is the latest initiative launched by SWIFT to improve customer banking experience around the world. Tracking cross-border payments over the bank-to-bank network is a major component of GPI.
By launching of SC GPI, Standard Chartered becomes the first bank to introduce a public platform for tracking payments ahead of the SWIFT’s November 2020 payments confirmation mandate.
The mandate requires bank to provide confirmation of customer payment, whether funds get credited to the beneficiary account or payment gets rejected. The confirmation is expected within 2 business days.
“This will enable enhanced transparency, richer information, and superior user experience across the end-to-end payment processing chain and to the benefit of all financial institutions,” SWIFT said.
Commenting on the launch, Lisa Robins, global head of transportation banking at Standard Chartered, said the bank was always looking for ways to enhance the trust and dependability of cross-border payments.
“Corporations and financial institutions around the world rely on the confirmation of payments to facilitate the movement of goods and services in order to support the healthy growth of supply chains,” Robins said.
No longer a tech problem
For far too long, the industry wanted to believe that a slow, opaque and costly cross-border payment was a technology problem, said Alain Raes, chief business development officer at SWIFT.
“With the launch of SPI GPI Track, corporations and financial institutions will be able to further facilitate e-commerce by moving money faster,” Raes said.
On average, he noted, 40% of GPI payments are credited to end beneficiaries within 5 minutes; 50% are credited within 30 minutes.