Digital Payments
Digital Payments

Currencycloud has unveiled a pilot programme to provide SWIFT GPI tracking capabilities to clients through a new API.

The service, which elevates payment and security capabilities, will allow Currencycloud clients to track their customers’ cross-border payments directly, much like an Amazon parcel. 

They can even pass the service further onwards to their own customers so they can track their payments themselves. Early participants in the programme include names such as TransferGo, Penta and Money Mover.

Mike Laven, CEO at Currencycloud commented: “We have reduced time to resolution for payment tracking more than ten-fold since introducing SWIFT GPI, providing unprecedented speed in resolving clients’ issues around cross-border payments. 

“We are proud to be one of the first non-banks to be able to offer these same benefits direct to our clients and to our clients’ customers, further reducing admin and saving businesses critical time when payments fail or are delayed.”

SWIFT GPI technology tracks a payment as it moves around the world and is able to identify where it is being held, or where it may have failed, in a matter of seconds – immediately removing the need to contact a banking partner, or the need for further investigation.

Lukas Zörner, CPO at Penta emphasised: “SWIFT GPI has been a game-changer for us and we are really excited to be able to pass on the benefits directly to our clients. Lost or delayed payments are a huge problem for our SME customers and can really hamper business growth. This will remove a massive concern for these businesses moving forward.”

Vikesh Patel, Head of UK and Ireland at SWIFT, added: “The launch of SWIFT GPI has been a key step in engineering a dramatically enhanced cross-border payments experience, increasing the speed, transparency and predictability of payments – no matter where they originate or are going. We are very pleased to be working with Currencycloud to enable its customers to experience the benefits of going through API technology.”