IntellectEU is pleased to announce that payLOCATOR, an innovative payment tracking solution enabling direct access to payment information for bank's clients and their counterparties, has recently received a SWIFT gpi for Corporates label.
Within the current cross-border payments landscape there is a lack of transparency and increased time and operating costs devoted to payment investigation, dispute resolution, and supply chain uncertainties.
payLOCATOR is a unique payment tracking solution which, by harnessing the power of SWIFT gpi, provides a single window for SWIFT connected corporates to track all of their payments through the entire correspondent banking chain and even share this information with their non-SWIFT beneficiaries.
“Working with a variety of banks and corporates, has allowed us to understand the shared pain points for this community: lack of awareness of charges and possible delays, difficulties with forecasting, no confidence in the fulfillment of obligations by a counterparty. Understanding the cruciality of these issues pushed us to the development of payLOCATOR.”, Dmytro Diachkovskyi, Product Manager for payLOCATOR said.
payLOCATOR tracks and reports the payment flows, charges, and currency exchange rates and allows clients to share payment information from the system with their business partners via a secure and simple trustline schema. Using the dashboard, corporates connected to payLOCATOR can see in real-time how their payments move through the correspondent banking chain, from inception right through until the beneficiary account is credited. payLOCATOR can be easily plugged into existing solutions via an API, meaning minimal implementation costs for the business.
Kseniia Ilchenko, Head of Product Analytics at payLOCATOR: Trust between the counterparties, complete understanding of the payment flow, faster supply chain and, definitely, insights - that’s what payLOCATOR is for me.
SWIFT experts completed thorough technical and functional testing and payLOCATOR successfully accomplished the gpi for Corporates integration and is now able to process and exchange gpi for Corporates-related flows.
IntellectEU’s gpi-related initiative highlights that by embracing SWIFT gpi for Corporates – the new standard in global payments – users are able to achieve full transparency over where a payment is at any given moment, improving cross-border payments across the correspondent banking network, and not least for corporates for whom speed, certainty, and a smooth international payments experience is an absolute must. payLOCATOR brings the power of SWIFT gpi for Corporates to non-SWIFT counterparties, making it the perfect supplementary solution to the gpi family. It is a welcome addition to the list of 2021 SWIFT Compatible Applications.
payLOCATOR's payment tracking and data sharing features create a reduction in operating costs as a result of simplified payment investigation and dispute resolution, as well as optimized supply chain cash flows. IntellectEU is proud to support its clients - banks and technology vendors - to offer payLOCATOR benefits to their corporate clients and maintain the status of innovative leaders in the payments space.
By leveraging SWIFT gpi for Corporates, payLOCATOR assists in enhancing business processes by providing payment transparency and a tracking framework for all engaged parties.