Bank of America enhances offering with cross-border payments tracker

Bank of America has enhanced its offering with the launch of a CashPro self-service tool that increases real-time visibility into international payments.

Accessible through the bank’s integrated platform, CashPro, the SWIFT GPI module looks to elevate the accessibility of cross-border payment data, which is facilitated by the SWIFT network.

“Our payments tracking tool populates SWIFT GPI information into a view that can be read easily and acted upon immediately,” emphasised Tom Durkin, Global Product Head for CashPro in Global Transaction Services at Bank of America.

Integration of the solution seeks to boost visibility for firms as they increase transparency around lifting fees and payment charges, including foreign exchange rates.

David Kretz, head of Global Strategy and Payments for Global Transaction Services at Bank of America added: “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.”

The CashPro enhancements coincide with an expansion of Bank of America’s SWIFT GPI international coverage supporting 140+ currencies worldwide.

“Customer expectations around sending and receiving international payments have dramatically shifted in the past few years and they now expect transparency, traceability and certainty. GPI delivers this by enabling financial institutions to track payments from end to end, with final confirmation when the funds have been credited to the end beneficiary account,” said David Scola, Chief Executive of the Americas, UK and Ireland at SWIFT. 

“Bank of America is taking this a step further by integrating the information in CashPro, providing a seamless user experience and greater transparency, while at the same time reducing inbound support queries and enabling staff to shift their attention to other priorities.”