Payment Tracking with IntellectEU’s PayLOCATOR

In today’s world, success in business is driven by how finances are effectively managed. It has become essential to receive up to date information related to the payment process in an efficient and timely manner. This is especially relevant for cross border payments, where inherent processing challenges inhibit tracking and confirmation for payments worldwide. 

As cross border payments move through the correspondent banking network, delays can be encountered at the correspondent banks or the beneficiary’s bank for a variety of reasons. This results in a considerable amount of time being spent identifying and addressing the source of the delay, which in turn results in slow or inefficient decision making. To enable a frictionless cross border payment experience, the ability to track a payment through the various stages of progression and any associated fees or deductions, is essential. PayLOCATOR offers unique insight into payments being processed via the SWIFT network. 

IntellectEU’s PayLOCATOR solution is the next generation payment tracking solution built on the SWIFT GPI framework. It allows companies who are subscribed to SWIFT gpi or g4c to offer the same payment tracking benefits to their clients who are not subscribed to these services. PayLOCATOR provides the following value-added capabilities: 

  1. Real-Time payment tracking 
  2. Confirmation of funds being debited from the servicing account 
  3. Visibility into the payments passage through the correspondent banking network 
  4. Confirmation of funds being credited to the beneficiary’s account. 

As a result, this allows for accurate forecasting of financial flows, improved supply chain planning of anticipated flows and optimized operating costs for warehousing and transportation. This also allows for improved liquidity management and predictability of account balances. 

SWIFT gpi allows banks to track the movement of payments and inform their customers about transaction processing. Thanks to SWIFT gpi, banks received permanent access to important information about the fees charged by correspondent banks, exchange rates where applicable, possible delays in payments processing, and more. All of the banks that are connected to the SWIFT gpi service constantly upload data related to all executed payments. 

PayLOCATOR is a tool that enables banks connected to SWIFT gpi to transfer the received data to their clients. PayLOCATOR processes the information transmitted by SWIFT gpi and provides it to the user in a transparent and understandable format. Furthermore, by using PayLOCATOR, clients can monitor their own payments, as well as use the unique and secure trustline function to transfer information from SWIFT gpi to their counterparties that may not even be connected to the SWIFT network. Therefore, PayLOCATOR complements SWIFT gpi and enables connected banks and their clients to get the greatest benefit out of this innovative SWIFT solution. 

PayLOCATOR significantly reduces the need to contact the bank’s support team to determine the status of a payment, such as whether the payment has been transmitted or when the payment has been credited to the recipient’s account. As a single interface, users have instant access to all relevant payment information. In addition, key information related to the payment can be easily shared with the relevant counterparty. The unique technology establishes a safe trust line, wherein the system allows the PayLOCATOR user to authenticate counterparties and improve business relationships. 

PayLOCATOR leverages the data generated within SWIFT’s gpi (banks) and G4C (corporates) framework. These initiatives allow users to track payments moving within the SWIFT network. The unique UETR (Unique end-to-end transaction reference) provides the key identifier for the payment from initiation to completion. The UETR is a prerequisite for sending payments via the SWIFT network. 

PayLOCATOR processes the data provided by the SWIFT gpi Tracker which makes it possible to visualize the various stages of the payments and any associated bank fees and exchange rates in an easy-to-use user interface. 

The flexible nature of PayLOCATOR allows it to be leveraged for both banks and corporations with access to gpi data. This includes banks subscribing to gpi and corporations subscribing to G4C. 

For banks subscribing to gpi, the PayLOCATOR solution can be extended to their customers irrespective of whether they are connected to SWIFT. This enables banks to provide payment tracking options for their clients directly on their bank portal, reducing costs and increasing value for their clients. 

Companies subscribing to PayLOCATOR have realized significant IT and development cost efficiencies and are able to leverage the benefits of SWIFT gpi quickly and effectively. 

The following value added features are available within PayLOCATOR: 

  1. Payment status tracking 
  2. Smart Search 
  3. Auto sharing 
  4. API Integration 
  5. Internal Status Checks 
  6. Message structure and content validations 
  7. ISO20022 and MT Native

IntellectEU, the developer of the PayLOCATOR application, is a long-term partner of Axletree Solutions and SWIFT, having performed many projects together as well as possessing a considerable number of SWIFT-certified engineers within the company. This guarantees high quality processing of data received by PayLOCATOR from the SWIFT gpi Tracker. In addition, the PayLOCATOR  has been certified by SWIFT for compatibility with g4c standards and is officially recognized as an application that meets all technical and operational requirements for working with such standards.

December 16, 2021

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