Bank of America and Swift to set up new tracker for payments

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Valentina Vitali
Valentina Vitali
FXC Intelligence Research Analyst
Valentina is a Research Analyst at FXC Intelligence, the data sister company of FXcompared. Valentina is passionate about payments and fintech. Valentin enjoys analysing money transfer companies and… Read more
  • Bank of America, which is one of the world’s most prominent banking institutions, will collaborate with Belgium-based payment messaging organisation Swift.
  • Swift’s ‘Global Payments Innovation’ (gpi) will be the force behind the new service, which will let customers monitor payments in real time and see what stage their payments are at.
  • The service will be available via the CashPro platform.

Global financial services institution Bank of America has confirmed that it will be working with the world’s leading payment messaging organisation on the development of a new international money transfers tracker.

Bank of America will work alongside Swift, which is based in Belgium, to offer the new service.

Swift’s Global Payments Innovation (gpi) will underpin the tool, which will be used to bring international money transfer data to customers in an easily digested manner.

It will be provided as part of Bank of America’s CashPro platform – a pre-existing integrated service.

The new service will come with a number of benefits, including increased transparency about exchange rate fees and charges.

It is also believed that customer service levels and speeds will improve thanks to a boost in the amount of time that problem resolution will take to implement.

Customers will also be able to check out the reasons for particular actions performed on their payment or transaction request, such as a cancellation.

This can all be done via the internet at a time of the customer’s choosing.

According to a leading figure at Bank of America, the benefit of the new tool is that data about a payment can be accessed and dealt with instantly.

Tom Durkin, who is the global product head for CashPro in Global Transaction Services at the firm, described the “view” offered to customers.

“Our payments tracking tool populates Swift gpi information into a view that can be read easily and acted upon immediately,” he said.

Another Bank of America spokesperson contextualised the development in terms of Bank of America’s broader strategic aims.

David Kretz, who is the head of Global Strategy and Payments for Global Transaction Services at the company, said that the move would help the firm work alongside the wider payments and transactions sector.

“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,” he explained.

Bank of America already works with Swift’s gpi in other contexts.

These other uses will be expanded at the same time as this latest change.

Over 140 global currencies will be supported as a result of the changes.

Swift is well known for being one of the world’s most prominent payment messaging systems.

It is used to power many bank transfers across the globe each day and works with a number of leading clients such as Lloyds Bank.

For more detailed information about what the big firms in the online money transfer sector are up to, just head over to our reviews section.


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