Can a bank track a SWIFT transfer?

SWIFT Transfers: Unveiling Real-Time Tracking Capabilities

SWIFT, the Society for Worldwide Interbank Financial Telecommunication, has revolutionized international money transfers with its Global Payments Innovation (GPI) service. This groundbreaking platform empowers banks and customers with unprecedented transparency and control over SWIFT transfers.

Traditionally, tracking SWIFT transfers was a cumbersome and time-consuming process. Banks had limited visibility into the status of payments once they were sent, making it difficult to provide customers with real-time updates. However, with GPI, this scenario has drastically changed.

Real-Time Tracking of SWIFT Transfers

The GPI service from SWIFT introduces real-time payment tracking capabilities. Through the GPI tracker, banks and customers can monitor the progress of their transfers throughout the entire process. This enhanced visibility provides a number of benefits, including:

• Improved customer satisfaction: Customers can access up-to-date information about their transfers, reducing anxiety and uncertainty.
• Increased transparency: GPI provides detailed information about the transfer journey, including intermediary banks involved and any fees or charges.
• Fraud detection: Real-time tracking enables banks to detect suspicious activity and take prompt action to prevent fraud.

How GPI Tracking Works

The GPI tracker relies on a unique end-to-end reference number assigned to each transfer. This reference number allows banks to track the payment through the entire network of intermediary banks. As the transfer progresses, banks update the tracker with relevant information, such as:

• Time and date of the transfer
• Amount and currency
• Sender and beneficiary details
• Status of the transfer (e.g., initiated, processed, completed)

Conclusion

SWIFT’s GPI service has transformed SWIFT transfers by introducing real-time tracking capabilities. This innovation provides banks and customers with unprecedented visibility and control over their payments. With GPI, banks can enhance customer satisfaction, increase transparency, and effectively combat fraud. Customers, on the other hand, can enjoy peace of mind knowing that they can track their transfers every step of the way. As a result, SWIFT transfers have become more efficient, secure, and transparent than ever before.