NAB switches on end-to-end payments tracking with Swift gpi

Source: NAB

NAB business customers can now track their international payments by the click of a button and view where their money is, anywhere in the world.

NAB General Manager of Payments Paul Franklin said NAB is the first Australian bank to provide this capability using the latest technology, giving greater transparency and peace of mind.

“Until now, business customers sending money overseas have had no visibility of where their money travels, what fees have been deducted by overseas banks or when their payment has been received by the recipient,” Mr Franklin said.

“Just like tracking a courier package in transit, NAB business customers are now able to see where their money is, how long it is taking to process and when the funds sent are available for use.

“This is a game changer for small and large businesses who are amongst the world’s first to have visibility of their international payment information, at no extra cost.

“This is about giving our business customers greater control and confidence in the payment process and we’re proud to be at the forefront of this innovation. We look forward to rolling this service out to all customers through other channels in the coming year.”

NAB has been sending payments via SWIFT gpi since 2017, with payments arriving within minutes when sent to banks in the same time zone. Worldwide, 50 per cent of gpi payments are reaching their recipient within 30 minutes.

SWIFT General Manager Bill Doran said he was pleased to be working with NAB to bring SWIFT gpi’s real-time tracking capabilities to businesses in Australia for the first time.

“This technology addresses the most important challenges faced by business customers today, including tackling the uncertainty around the length of time needed for payments to be credited and the inability to fully trace them,’ Mr Doran said.

“This end-to-end real-time payment tracking will add tremendous value to NAB customers by offering more visibility and furthering automating these functions.”

Background:

Business customers will be able to track their money internationally at their convenience via their NAB Connect Account Summary.
NAB business customers can access this technology through signing up for NAB Connect via their local branch or online.
There is no change to how customers create or send an international payment. When customers view a selected international payment on their transaction history, they can click into the transaction to see more information about the payment such as current tracking status, fees and processing time.
Previously, the only option to investigate the status of a missing or overdue international payment was to order a payment trace, at an additional fee of $25.This is still available although we predict it will be a service not required as often given the NAB Connect tracker will now provide this information for free.
Contributed | what does this mean?
This content is contributed or sourced from third parties but has been subject to Finextra editorial review.

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