Interbank messaging service SWIFT has extended its gpi Tracker to incorporate all payment instructions across the network.
The tracking engine, implemented in May 2017, is available through an open API and offers banks real-time view of their payments. It also offers confirmation when the funds reach the recipients and supports more accurate reconciliation of payments and invoices.
The tracker will be upgraded in November this year to include an end-to-end transaction reference in all payment instructions conducted on the network.
SWIFT said that the upgrade will offer more transparency and cost reduction for customers.
SWIFT head of Oceania Bill Doran said: “SWIFT gpi has been hugely beneficial for banks and their customers since its launch, but extending this tracking facility across all payments traffic will be truly transformational.
“These expanded tracking capabilities are part of a series of gpi services we will roll out in 2018 to further improve the cross-border payments experience, enable banks to provide a far superior service to their customers and rapidly attract more banks to join.”