Bank of America, a charter member of SWIFT Global Payments Innovation (gpi), announced today the launch of a CashPro® self-service tool that allows clients to have real-time visibility into their international payments.
Accessible through the bank’s integrated platform, CashPro, the SWIFT gpi module brings to life a wealth of cross-border payment data facilitated by the SWIFT network.
“Our payments tracking tool populates SWIFT gpi information into a view that can be read easily and acted upon immediately,” said Tom Durkin, Global Product Head for CashPro in Global Transaction Services at Bank of America.
There are a number of advantages to making payments via Bank of America’s SWIFT gpi solution. The financial institution or corporate client receives:
• Visibility into lifting fees and payment charges, including foreign exchange rates.
• Transparency into the settlement of the payment, such as timing, amount received, and the identity of the correspondent banks involved in the transaction.
• A reduction in time taken to investigate an issue.
With enriched SWIFT gpi payment data, a client can investigate why a wire transfer may have been rejected or cancelled, in addition to identifying the source of a wire status change – all through an on-demand, online tool.
The CashPro enhancements coincide with an expansion of Bank of America’s SWIFT gpi international coverage supporting 140+ currencies worldwide.
“Incorporating SWIFT gpi data across all relevant customer channels supports our goal of working with the broader transaction services industry to remove friction and bring transparency to cross-border payments,” said David Kretz, head of Global Strategy and Payments for Global Transaction Services at Bank of America.
SWIFT-connected corporate clients can also receive SWIFT gpi inbound and outbound payment status messages directly to their treasury management system through SWIFT gpi for Corporates.
“Customer expectations around sending and receiving international payments have dramatically shifted in the past few years and they now expect transparency, traceability and certainty. gpi delivers this by enabling financial institutions to track payments from end-to-end, with final confirmation when the funds have been credited to the end beneficiary account,” said David Scola, chief executive of the Americas, U.K. and Ireland at SWIFT. “Bank of America is taking this a step further by integrating the information in CashPro, providing a seamless user experience and greater transparency, while at the same time reducing inbound support queries and enabling staff to shift their attention to other priorities.”