Standard Chartered, a UK-based multinational banking and financial services company with $688 billion in assets, announced on Tuesday the launch of SC GPI Track, which is described as a publicly accessible portal that offers the ability to trace all cross-border payments cleared through Standard Chartered’s major clearing centers to its clients, as well as to corporate and retail clients.
“As the first bank to introduce a public platform to track payment status well ahead of the SWIFT November 2020 payments confirmation mandate, Standard Chartered has paved the way in providing an enhanced cross-border payment experience for its clients. Similar to tracking the delivery of parcels, Standard Chartered’s clients and their counterparties can now obtain the status of any payments the Bank has processed in real-time, by simply entering SWIFT’s unique end-to-end transaction reference (UETR) associated with the cross-border payment on the public portal.”
Speaking about the platform’s launch, Lisa Robins, Global Head of Transaction Banking at Standard Chartered, stated:
“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. 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. The SC GPI Track further demonstrates our commitment to deliver innovative solutions, and provide a better and more efficient banking experience for our clients.”
Alain Raes, Chief Business Development Officer at SWIFT, added:
“For far too long, the industry wanted to believe that a slow, opaque and costly cross-border payment was a technology problem. 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.”