Bank Of America Expands SWIFT gpi, Intros CashPro Cross-Border Payment Tracker

Bank of America (BofA) is introducing a cross-border payment tracker and expanding SWIFT gpi to support more than 140 currencies, accessible through the integrated CashPro platform.

“Our payments tracking tool populates SWIFT gpi information into a view that can be read easily and acted upon immediately,” Tom Durkin, global product head for CashPro in global transaction services at BofA, said in a Thursday (Dec. 10) press release.

Customers can make payments via Bank of America’s SWIFT gpi solution. The financial institution or corporate client gets transparency into fees and foreign exchange rates as well as visibility of payment settlement.

SWIFT gpi payment data can help people find out why a wire transfer was rejected or canceled, or discover the source of a wire status change.

“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,” said David Kretz, head of global strategy and payments for global transaction services at BofA.

Commercial clients using SWIFT gpi for corporates can also get alerts about inbound and outbound payment status directly to their treasury management system.

“Customer expectations around sending and receiving international payments have dramatically shifted in the past few years and they now expect transparency, traceability and certainty. gpi delivers this by enabling financial institutions to track payments from end to end, with final confirmation when the funds have been credited to the end beneficiary account,” said David Scola, chief executive officer of the Americas, U.K. and Ireland at SWIFT. 

“Bank of America is taking this a step further by integrating the information in CashPro, providing a seamless user experience and greater transparency, while at the same time reducing inbound support queries and enabling staff to shift their attention to other priorities,” he added.

SWIFT gpi Instant for real-time cross-border payments and transfers went live in the U.K. earlier this month. The tool is aimed at improving speed, security, transparency and compliance. 

In a recent PYMNTS interview, Alan Koenigsberg, global head of new payment flows at Visa Business Solutions, and Tim Summers, vice president of Visa Direct global segments and market development, said frictionless payments are the future.