Cross-border payments have traditionally offered limited visibility, transparency, and control. Our payment tracking tool gives you and your customers the ability to track and trace SWIFT payments.
What information is shown when I track a payment?
The tracker shows the entire payment lifecycle. Key information given includes:
- the total time taken to credit the beneficiary
- the processing time at each bank
- any deductions made at each bank
- clarity over whether the funds have actually credited the beneficiary bank account or not.
Is the data shown up-to-date?
Yes, the data is shown in real-time, meaning that you and your customers have immediate visibility and transparency over any payment you or they have sent via the SWIFT network.
What is a typical timeframe for a payment?
The vast majority of payments are credited on the same day, with beneficiaries in certain countries seeing payments landing in seconds, minutes, or hours. As of October 2020, 42% of all SWIFT payments we send credit the beneficiary bank account in under 5 minutes.
Are all payment events reported?
All payments made through Currencycloud are enabled for SWIFT gpi. Every SWIFT gpi-enabled payment is assigned a unique ID that allows it to be tracked at any point across the network. SWIFT gpi is growing but, currently, not all banks around the world are SWIFT gpi-enabled. Payment tracking data may, therefore, be incomplete for some payments we send out.
Universal Confirmations were mandated for all SWIFT members in November 2020. This means that SWIFT members must confirm when a payment (MT 103) has been credited to the account of the beneficiary, placed on hold or transferred outside of SWIFT. The introduction of Universal Confirmations has improved coverage on tracking visibility.
What is Universal Confirmation?
As a beneficiary Financial Institution of SWIFT payments (our SWIFT VANs), we are obligated to confirm to the SWIFT tracker when we have credited funds to a customer's account (or returned them).
What is the benefit of Universal Confirmation?
On inbound transactions (collections and receipts), any sending banks using SWIFT gpi can see when any funds they send to us have landed successfully and been credited. On outbound payments, this ensures we get even better coverage on tracking visibility.
Can I use payment tracking from Currencycloud Direct?
Yes, payment tracking is available within Currencycloud Direct. This means that your support teams can access the tracking tool to track payments on behalf of your customers. If you service your customers via Currencycloud Direct then your customers can use the tracking tool directly to track their payments.
Is payment tracking available as an API?
Yes. If you currently connect via our APIs, you’ll be able to integrate the functionality into your app or website, using our payment tracking API. Speak to your Customer Success Manager for more detail.