Canadian payments company EncoreFX has joined the SWIFT network to commence assessment of integration with the financial messaging solution provider’s global payments innovation (gpi) service.

SWIFT is a member-owned cooperative network linking more than 11,000 banking organisations, securities institutions, and corporate customers across more than 200 countries and territories.

The organisation facilitates secure exchange of automated, standardised financial information. This approach is said to decrease costs and operational risk, as well as eliminates operational inefficiencies.

EncoreFX expects that the SWIFT network gpi service will help its customers in tracking the payment status in real-time, while also providing visibility into each transaction, including all associated bank details and information on any deducted fee.

EncoreFX director of treasury operations Jennifer Clausen said: “Integrating directly with SWIFT further solidifies EncoreFX as a global leader in cross-border payments and risk management solutions for corporations.

“Our clients demand a wide variety of settlement solutions depending on their strategic goals and expect access to innovative technologies to monitor their transactions. Providing clients with the ability to track their payments on the SWIFT network will be groundbreaking in our industry.”

The integration, which will enable quick and efficient processing of money transfers to almost any bank, is said to be a part of EncoreFX’s aim to bolster its global presence.