Fintech: Southeast News

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122820

Posted December 28, 2020

Bank of America, a charter member of SWIFT Global Payments Innovation (gpi), announced today the launch of a CashPro® self-service tool that allows clients to have real-time visibility into their international payments.

Accessible through the bank’s integrated platform, CashPro, the SWIFT gpi module brings to life a wealth of cross-border payment data facilitated by the SWIFT network.

“Our payments tracking tool populates SWIFT gpi information into a view that can be read easily and acted upon immediately,” said Tom Durkin, Global Product Head for CashPro in Global Transaction Services at Bank of America.

There are a number of advantages to making payments via Bank of America’s SWIFT gpi solution. The financial institution or corporate client receives:

  • Visibility into lifting fees and payment charges, including foreign exchange rates.
  • Transparency into the settlement of the payment, such as timing, amount received, and the identity of the correspondent banks involved in the transaction.
  • A reduction in time taken to investigate an issue.

With enriched SWIFT gpi payment data, a client can investigate why a wire transfer may have been rejected or cancelled, in addition to identifying the source of a wire status change – all through an on-demand, online tool.

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