Standard Chartered switches on cross-border payments tracker

Standard Chartered switches on cross-border payments tracker

Standard Chartered has opened a public portal through which clients can track the status of payments messages as they are transmitted over the Swift network.

Similar to tracking the delivery of parcels, Standard Chartered’s clients and their counterparties can check 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 public portal.

The ability to track cross-border payments over the bank-to-bank network is a key feature of Swift's Global Payments Innovation (gpi) initiative. By the end of 2020, all financial institutions on Swift will be required to confirm payments to the tracker programme.

Standard Chartered was one of 12 member institutions and 10 multi-national corporates to participate in pilot trials of the service back in July 2018. It now claims to be the first bank to introduce a public platform to track payment status, well ahead of the November 2020 payments confirmation mandate.

Lisa Robins, global head of transaction banking at Standard Chartered, comments: “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. Given our longstanding history of supporting trade flows across Asia, Africa and the Middle East, we are continuously looking at ways to enhance the trust and dependability of cross-border payments.”

Comments: (4)

Hitesh Thakkar
Hitesh Thakkar - FIS Payments Software and Services India - India 08 January, 2020, 10:25Be the first to give this comment the thumbs up 0 likes

Which are the other financial institution apart from Stanc who participated?

A Finextra member
A Finextra member 08 January, 2020, 10:31Be the first to give this comment the thumbs up 0 likes

check the list here: https://www.swift.com/news-events/news/swift-launches-multi-bank-gpi-payment-initiation-and-tracking-service-for-corporates

Hitesh Thakkar
Hitesh Thakkar - FIS Payments Software and Services India - India 08 January, 2020, 11:01Be the first to give this comment the thumbs up 0 likes

Thanks. List has some big names but yet to hear from them.

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 09 January, 2020, 14:41Be the first to give this comment the thumbs up 0 likes

Much needed move. Kudos to StanChart / SWIFT. 

On a side note, it's equally important to communicate to the Sender and Receiver of the cross-border payment that the said payment is being routed via SWIFT and provide the URL of this tracker website. So that the Sender and Receiver know there's someplace they can go to track the payment.

In my experience, this is not as trivial or commonsensical as it sounds: Over the years, my customers have made dozens of cross-border payments from USA and other countries to my company in India via leading banks in their respective countries. Once they initiate the payment, typically at the bank branch, they receive a payment confirmation advice, which they email me. All advices say "Wire Transfer". I know that all those payments are routed thru' SWIFT but I don't recall a single advice making an explicit mention of that fact. 

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