Standard Chartered launches new portal for tracing

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Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely… Read more
  • New SC GPI Track service will help clients – and their clients – to identify a payment’s status in real time using SWIFT
  • Service is the first from a bank, ahead of deadline later in the year
  • “Standard Chartered, as an innovative and forward-thinking institution, understands the apt reuse of their SWIFT infrastructure in a practical way”, says Standard Chartered spokesperson

Global financial services organisation Standard Chartered has announced it will launch a new portal product named SC GPI Track.

The portal, which will offer customers an opportunity to carry out international money transfer clearance tracing, will incorporate information from across its important clearing houses.

Both its clients and the clients of its clients – whether they be consumer or B2B – will be able to benefit.

They can discover the real-time status of any payments which the bank has been responsible for processing, for example.

They will be able to do so simply by inserting a SWIFT “unique end to end transaction reference”, or UETR.

According to Alain Raes, who serves as Chief Business Development Officer at SWIFT, the move will help improve “leadership, foresight, and innovation”.

“For far too long, the industry wanted to believe that a slow, opaque and costly cross-border payment was a technology problem”, he said.

“With SWIFT gpi, the global financial system has demonstrated that transparent and traceable cross-border payments are a reality today. On average, 40% of gpi payments are credited to end beneficiaries within 5 minutes and 50% are credited within 30 minutes.

“Standard Chartered, as an innovative and forward-thinking institution, understands the apt reuse of their SWIFT infrastructure in a practical way.

“With the launch of SC GPI Track, corporations and financial institutions will be able to further facilitate e-commerce by moving money faster. We view that as a sign of leadership, foresight, and innovation”, he added.

In a press release, Standard Chartered said that it was the first bank to introduce a public-facing tracking service for cross border payments – even though it will become a mandated rule by SWIFT in November 2020.

Lisa Robins, who serves as the global head of transaction banking at Standard Chartered, added that the firm had a “longstanding history” of supporting inter-country co-operation.

“Corporations and financial institutions around the world rely on the confirmation of payments to facilitate the movement of goods and services in order to support the healthy growth of supply chains”, she said.

“Given our longstanding history of supporting trade flows across Asia, Africa and the Middle East, we are continuously looking at ways to enhance the trust and dependability of cross-border payments.”

She also illustrates the level of “commitment to deliver” which the bank has.

“The SC GPI Track further demonstrates our commitment to deliver innovative solutions, and provide a better and more efficient banking experience for our clients”, she added.

Don’t forget to check out our magazine pages to learn more about the latest in the cross border payments world.


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