- iBanFirst, which is a financial services firm with a global online money transfer offer, has announced that small to medium-sized and mid-cap clients will be able to benefit from a new tracker.
- The tracker will operate in a similar way to consumer-focused parcel tracking services, and will allow for the flagging of delays.
- A senior figure at the firm explained that companies often discover that they have to pay large advance sums – and that the new tracker would help to benefit firms in this situation.
A financial services firm with a major online money transfer offer has announced the arrival of a new payment tracker service for some clients.
iBanFirst, which provides banking services across the globe, will offer the tracking service to both senders and recipients.
The service provides instant, real-time progress reports for those sending and receiving funds.
It also flags when there may be some potential delays for the movement of cash.
The iBanFirst users who will be able to access the service will be mid-cap clients and small and medium-sized enterprises.
It is believed that iBanFirst had to overcome some technical and regulatory hurdles in order to get the new product out and ready.
It meant, for example, that the iBanFirst payment status had to be brought together with SWIFT.
It also meant that a safe and data protection-friendly system for sharing this information beyond the boundaries of the platform had to be created.
The new tracker is designed around application programming interfaces (APIs).
According to press reports, the development will allow cross-border payments users to monitor the progress of their transfers in a similar way to the tracking of parcels and packages.
In a press comment, a leading figure at iBanFirst explained more about how firms would benefit from the new offer.
Oualid Abderrazek, who is the company’s chief product officer, argued that the development marked a big change for the senders and receivers involved in the transfer.
“Until now, little had been done to provide real-time status updates on international bank transfers for both payers and payees,” he said.
He went on to describe some of the specific circumstances that iBanFirst’s customers face at the moment.
“A growing number of companies operate internationally and source products overseas,” he said.
“Manufacturers’ terms of payments often call for a 30% advance by bank transfer before production starts and the settlement of their invoice before shipment.”
He ended his remarks by explaining what the new payment tracker service offered by his firm might be able to do in order to improve this situation.
“The timely execution of payments and the ability to notify beneficiaries are therefore crucial to bolster companies’ relationships with international vendors and to speed up their supply chain,” he said.
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