Bank of America has launched a cross-border payment tracker through its Swift GPI module that allows clients real-time visibility into their international payments.
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With the launch of CashPro, a self-service payments tracker, Bank of America plans to complement the bank's Swift GPI expansion that supports more than 140 currencies.
Accessible through the bank’s integrated platform, the Swift GPI module of CashPro delivers vast amounts of cross-border payment data facilitated through the Swift network. Bank of America is a charter member of Swift GPI.
“Our payments tracking tool populates Swift GPI information into a view that can be read easily and acted upon immediately,” Tom Durkin, global product head for CashPro in global transaction services at Bank of America, said in a Thursday press release.
In making payments through Swift GPI, Bank of America says the bank or corporate client can monitor fees and payment charges, including foreign exchange rates in real time. They would also have information on payment settlement, including timing, amounts received, and the identity of the correspondent banks involved in a transaction.
Clients can also reduce the time it takes to investigate an issue with a cross-border payment, such as why a wire transfer may have been rejected or cancelled or identifying the source of a wire status change.
“Incorporating Swift GPI data across all relevant customer channels supports our goal of working with the broader transaction services industry to remove friction and bring transparency to cross-border payments,” David Kretz, head of global strategy and payments for global transaction services at Bank of America, said in the release.
