Any business that trades internationally will recognise that it is often a thankless task trying to follow the journey of a cross-border payment through the global banking network.

That’s why last year, we decided to take our cross-border payments offering to the next level by becoming a member of SWIFT gpi.

This revolutionary global payment innovation enabled us to offer automated ‘Amazon-style’ payment tracking capabilities to our clients, and their customers. Every SWIFT payment gets a unique ID, allowing us to track its journey in real-time.

It has transformed the cross-border payments experience for the financial institutions we work with. Since adopting SWIFT gpi, we’ve been able to trace and resolve 60% of failed payments made through Currencycloud in less than a day, and often in a matter of minutes. That’s a significant difference for our clients and their customers given that the complexities of the banking network, and associated Service Level Agreements would mean that most failed payments typically would take more than seven working days to resolve without SWIFT gpi.

Our Payment Tracking pilot programme
For the past five months, we’ve been trialling a programme to take our SWIFT gpi capabilities even further, adding it to our API suite so our clients can check the status of a payment themselves through our self-service Payment Tracking solution. Instead of having to wait for a response after reporting an issue, such as a missing or failed payment, clients on the pilot had the information at their fingertips, 24/7.

We’ve been trialling Payment Tracking with six Currencycloud clients, including Penta, TransferGo and Money Mover. From the end of September 2020, Payment Tracking will move out of pilot and become available for all clients through our API suite and to those using Currencycloud Direct.

We’re really excited to be working with the FIs who have taken up this product to date, and we’ve been able to use their feedback to advance our API, so that we can quickly move to a phased global roll-out.

Though we have our own ideas as to how we’d like our product to take shape in the future, there’s no substitute for collaborating and learning from the experiences of others.

Why we believe self-serving is the future
At Currencycloud we’ve been working hard to expand self-service functionalities for our clients across our platform, bringing wide-ranging benefits in terms of speed, control, cost and flexibility. At a time when businesses are even more focused on keeping costs to a minimum, being able to automate time-consuming processes, whenever and wherever possible, is key.

That’s why FIs can now use our portal to raise and manage support tickets, download reports of all their transactions and payments and manage their own margin account.

Not only can self-serving save businesses time and reduce operational expenses, it can also help them to free up their teams to focus on other important areas of their business.

Find out more about Payment Tracking
We are now rolling out Payment Tracking to all of our clients. If you would like to know more, or are interested in becoming a Currencycloud customer, reach out to your Customer Success Manager or email [email protected].

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Piers Marais

Piers is the Product Director for payments at Currencycloud. It’s his job to make sure that we’re always keeping pace with the latest payment innovation. With over five years of experience in Product Management, Piers defines the strategy for Currencycloud’s payments network, oversees integrations with partner banks around the globe, and drives improvements in automation and scalability to support our clients’ payment growth. Before helping move money across borders at Currencycloud, Piers spent seven years in Global Maritime Tech.