The visibility of the payment status is however limited unless the bank invests in capabilities to provide this tracking information to their clients directly through digital portals or other means. SWIFT gpi has revolutionized query resolution by banks. It significantly improved the payment transparency, allowing banks to see the payment status and any deductions taken from the payment, which they were not able to view earlier. The advent of SWIFT’s gpi in 2016 was a major leap forward in providing better visibility of cross-border payments to SWIFT’s member banks. Banks are looking to provide seamless payments experiences to their clients, offer visibility of payments and reduce the number of service queries without making significant changes and investment in their operational models. Banks are required to maintain a client service model to investigate and resolve the queries relating to the status of payment – which is costly and time consuming. Streamlining the client experienceĬross-border wires are settled through correspondent and intermediary banks to deliver payments to the beneficiary. Banks face stiff competition from peers and digital payment providers for a share of this evolving cross-border payments market. As a result, the global payments industry has exploded in popularity and is set for huge growth over the next few years. They have growing demand for more choices, better flexibility, better visibility, and an overall better payments experience. Individuals and companies alike can now initiate payments from their smartphone or computer at any time and choose from a wide range of payment types, from traditional payment options like wires or ACH to alternate payment methods like digital wallets, cards or instant payments.Īs commerce shifts to 24/7, consumers and corporations still want more – more transparency and more control over their cross-border payments. Digital Transformation of the payment ecosystem has driven extraordinary developments in cross-border payments over the past decade.
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