Swift to deliver full visibility of payments made across its network
(23 March 2018 – Global) Full visibility over payments activity is now available for Swift member banks as it extends its gpi Tracker to cover all payment instructions sent across the network.
An end-to-end transaction reference for all payment messages will be incorporated into the gpi Tracker from November, automatically providing status updates to all gpi banks involved in any gpi payment chain and allowing them to confirm when a payment has been completed.
Launched in 2017 in a bid to improve correspondent banking services, gpi already accounts for 10 percent of Swift cross border payment traffic. More than 150 banks, representing 78 percent of the co-operative’s cross-border payments activity have signed up to the service.
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