The new platform has seen 60 per cent of failed payments resolved within a day, compared to before when 80 per cent took over a week to solve.
Currencycloud, a global payments platform used by the likes of Travelex, has announced it is adding SWIFT’s global payment initiative (GPI) tracking capabilities to its platform.
The addition will allow companies on the pilot scheme to track cross-border payments directly, like they would a normal delivery, and also pass information onto customers so they can track a payment themselves.
Currencycloud is one of the first non-banks to integrate SWIFT’s GPI tacking platform which will help to speed up operations by reducing administration times.
SWIFT GPI technology is able to track a payment across the world and see if it has been successful or failed within seconds, removing the need to contact a banking provider.
Since the introduction of SWIFT’s tracking technology, Currencycloud estimates that 60 per cent of failed payments are traced and resolved within a day—before 80 per cent of failed payments would take more than 7 days to resolve.
Mike Laven, CEO of Currencycloud, said: “We have reduced time to resolution for payment tracking more than ten-fold since introducing SWIFT GPI, providing unprecedented speed in resolving clients’ issues around cross-border payments.”
Vikesh Patel, Head of UK and Ireland at SWIFT, added: “The launch of SWIFT GPI has been a key step in engineering a dramatically enhanced cross-border payments experience, increasing the speed, transparency and predictability of payments – no matter where they originate or are going.”
The trial has currently been adopted by six of Currencycloud’s clients, including TransferGo, Penta and Money Mover.