Being able to see when a payment is on its way and when it will arrive opens up a realm of new opportunities for businesses to cut costs and reduce friction.
Corporates today are now able to benefit from a transformed experience both sending and receiving payments internationally through their SWIFT gpi enabled banking partners.
Having the ability to track our outbound payments with SWIFT gpi for corporates was a significant step. Now, with inbound tracking too, we’re able to get real-time insights into our global liquidity position that was not possible a few years ago.
Eddy Jacqmotte, Manager Cash & Bank - Head Back Office Administration, Borealis
What is inbound tracking?
Inbound tracking is part of our SWIFT gpi for corporates service. It provides corporate treasurers unrivalled insights into their incoming payments to deliver a number of features:
- Payment advice: An initial real-time notification sent to the beneficiary when the payment is initiated in the network, with payment advice consisting of extended data, such as creditor and remittance information, fees, time taken, and payment route insights.
- Status updates: Consolidated, near real-time status updates for payment rejections, if a payment is placed on hold, delivery to the beneficiary, and confirmation of credit.
- Corporate to bank APIs: API functionality enables corporates to query for incoming transactions and the real-time status of transactions.
What are the benefits of inbound tracking?
Inbound tracking delivers a number of key benefits for corporates.
1. Visibility of funds
With real-time visibility of incoming funds, you are able to proactively manage exceptions or issues with a payment, such as by anticipating any specific regulatory requirements in advance. You can also get advanced insight into the fees incurred for the payment.
2. Proof that the payment has been sent
Receiving digitised proof of initiation and structured payment advice means manual processes such as using paper or sending screenshots can be reduced. And with more predictability in collections, companies can turn to improving supply chain processes and managing credit with customers.
3. Enhanced liquidity management and cash forecasting
With real-time information, treasurers are able enhance their liquidity management by reconciling payments more efficiently, thereby having greater visibility on their overall cash position. And by moving to a proactive stance, corporates are able to use collection insights to find the most optimum payment routes.
Inbound tracking is a significant development for us, as we will be able to close the loop on our global payments. With enhanced data on incoming payments, such as fee transparency, FX and charge codes, we will be able to drill down into individual transactions and understand more about how we can be more efficient. From a business point of view, it gives us the freedom to speed up our supply chain and release goods quicker, meaning a better level of service for our customers in the long term.
Olivier Grandval, Global Treasury project Manager, Louis Dreyfus Company
The data we’re able to access through the gpi Tracker allows us to deliver a transformed experience to our customers. With real-time tracking information at their fingertips, they can buy and sell goods with better certainty and transparency.
Alibaba.com, Supply Chain Business Unit
Who can benefit from inbound tracking?
SWIFT-connected corporates and SWIFT gpi enabled banks are now able to join our early adopters programme and be one of the first participants to benefit from inbound tracking. Payment application providers can also join to integrate inbound tracking into their software.
How do I get started with inbound tracking?
Get in touch with your SWIFT account manager to get started today.