iBanFirst, a global financial services provider delivering solutions across banking borders, launched its ‘Payment Tracker’ – a real-time payment-tracking service that sets new transparency standards for the payments industry.
Rolled out to both payers and payees, this unique feature provides live updates on the status of international payments at any stage of the fund transfer process. The ‘Payment Tracker’ also highlights potential roadblocks or delays along the payment’s journey.
With the ‘Payment Tracker’, iBanFirst’s mid-cap and SME clients can trace payments the same way consumers can track parcels. Bringing this everyday experience to the complex world of B2B foreign currency transactions was no small feat. The ‘Payment Tracker’ is a simple interface accessible on the iBanFirst platform or via an invitation email. It leverages the SWIFT gpi tracking service as well as other payment data sources, including the platform’s own data.
Creating the ‘Payment Tracker’ required the reconciliation of different types of payment status - SWIFT and iBanFirst - as well as giving secure access to this information outside the platform, in order for payment beneficiaries to use the service, not solely iBanFirst clients. This scalable micro-service builds on an architecture and APIs that enable the aggregation of any type of bank settlement. Initially developed for foreign currency payments, it also facilitates eurozone (SEPA) transfers.
Commenting on the launch, Oualid Abderrazek, Chief Product Officer, iBanFirst said: “Until now, little had been done to provide real-time status updates on international bank transfers for both payers and payees. A growing number of companies operate internationally and source products overseas. Manufacturers’ terms of payments often call for a 30% advance by bank transfer before production starts and the settlement of their invoice before shipment. The timely execution of payments and the ability to notify beneficiaries are therefore crucial to bolster companies’ relationships with international vendors and to speed up their supply chain.”