iBanFirst has launched a ‘Payment Tracker’ – a real-time payment-tracking service that sets new transparency standards for the payments industry.
Rolled out to both payers and payees, this unique feature provides live updates on the status of international payments at any stage of the fund transfer process. The ‘Payment Tracker’ also highlights potential roadblocks or delays along the payment’s journey.
With the ‘Payment Tracker’, clients can trace payments the same way consumers can track parcels, bringing an everyday experience to the complex world of B2B foreign currency transactions.
The ‘Payment Tracker’ is a simple interface accessible on the iBanFirst platform or via an invitation email. It leverages the SWIFT gpi tracking service as well as other payment data sources, including the real-time payment platform’s own data.
Creating the ‘Payment Tracker’ required the reconciliation of different types of payment status – SWIFT and iBanFirst – as well as giving secure access to this information outside the platform, in order for payment beneficiaries to use the service, not solely iBanFirst clients.
The micro-service builds on an architecture and APIs that enable the aggregation of any type of bank settlement. Initially developed for foreign currency payments, it also facilitates eurozone (SEPA) transfers.
“Until now, little had been done to provide real-time status updates on international bank transfers for both payers and payees,” says Oualid Abderrazek, Chief Product Officer, iBanFirst
“A growing number of companies operate internationally and source products overseas. Manufacturers’ terms of payments often call for a 30% advance by bank transfer before production starts and the settlement of their invoice before shipment.
The timely execution of payments and the ability to notify beneficiaries are therefore crucial to bolster companies’ relationships with international vendors and to speed up their supply chain.”
“With the ‘Payment Tracker’, iBanFirst remains true to its mission of empowering companies operating internationally. As uncertainty still looms within the context of a global pandemic, timely cross-border payments are vital for economic growth. This is also true of the circle of trust between clients and suppliers, which the ‘Payment Tracker’ helps to strengthen.”