Currencycloud among first non-bank firms to offer Swift gpi payments tracking
Currencycloud, the global payments platform regulated in Europe, the US and Canada, has become one of the first non-bank firms to launch payments tracking through Swift gpi.
It will allow all Currencycloud’s clients to track their customers’ cross-border payments “much like an Amazon parcel”, the firm says.
These clients can also offer the tracking service to their own customers, so they themselves can track the payments.
TransferGo, Penta and Money Mover, all clients of Currencycloud, were early participants in the pilot programme for Swift gpi.
Penta’s CEO Lukas Zörner calls Swift gpi “a game-changer”, adding that “lost or delayed payments are a huge problem for [its] small and medium-sized enterprise (SME) customers and can really hamper business growth”.
Since Currencycloud started piloting Swift gpi in June 2019, it says it’s seen 60% of failed payments made through its platform traced and resolved in less than one day.
Before this, the firm says the majority of failed payments through its platform took more than seven days to resolve.
“We have reduced time to resolution for payment tracking more than ten-fold since introducing Swift gpi,” says Currencycloud CEO Mike Laven.
“We are proud to be one of the first non-banks to be able to offer these same benefits direct to our clients and to our clients’ customers, further reducing admin and saving business critical time.”