Since the launch of SWIFT gpi, gpi has dramatically improved the customer experience in cross-border payments by increasing speed, transparency of fees, and end-to-end tracking.

Through SWIFT gpi, corporates have also realized multi-fold benefits because of efficiencies in their treasury. Alibaba, the world’s largest e-commerce company, is also on gpi. 

Today, corporates using the existing g4C Pay and Trace service receive a single centralized and standardized view of their payment statuses, across all their banking partners. They are able to track their payments in real-time, which should facilitate more accurate reconciliation and prevent costly and time-consuming investigations.

To enhance these benefits, SWIFT has launched tracking of inbound payments.

What is gpi Inbound tracking?

SWIFT’s inbound tracking service gives corporate treasurers unrivaled insights into their incoming payments by delivering a number of key features:

  • Payment advice: A payment beneficiary or supplier will automatically receive a real-time notification as soon as a gpi payment is initiated by his ordering customer, with the payment advice consisting of all extended data he may need, such as creditor and remittance information, fees, elapsed time, and payment routing insights.
  • Status updates: The beneficiary or supplier is instantly informed – by means of near real-time status updates – when a payment is rejected or put on hold (for possible investigation) by any of the banks in the payment chain and of course when it’s delivered to the beneficiary and credit can be confirmed.
  • Use of APIs: Corporates can make use of dedicated gpi corporate-to-bank APIs to query their incoming transactions and the status of their transactions in progress at any point in time.

SWIFT gpi usage

What are the benefits of gpi Inbound tracking?

Inbound tracking delivers a number of key benefits for corporates.

1. Visibility on funds

With real-time visibility on incoming funds, you are able to proactively manage exceptions or issues with a payment, such as anticipating and handling any specific regulatory requirements in advance. You can also get advanced insight into the fees incurred for the payment.

2. Proof that the payment has been sent

Receiving digitised proof of payment initiation and structured payment advice means manual processes such as using paper or exchanging screenshots of payment initiation can be reduced. And with more predictability in collections, companies can turn to improving supply chain processes and managing credit with customers.

3. Enhanced liquidity management and cash forecasting

With real-time information, treasurers are able to enhance their liquidity management by reconciling payments more efficiently, thereby having greater visibility on their overall cash position. And by moving to a proactive stance, corporates are able to use collection insights to define the most optimum payment routes.

How do I get started with gpi Inbound tracking?

Get in touch with your SWIFT account manager, or visit this page to find out more.

We at Nth Exception collaborate with Banks and Financial Institutions to analyze, solutionize, and optimize cross border payments processes. 

To complement our services and product we have partnered with companies in the payments space to deliver best in class payment solutions delivered by our partners.