Interactive Brokers enables real-time tracking of wire withdrawals

Maria Nikolova

Interactive Brokers recently introduced functionality to let its clients track in real time the progress of wire withdrawals from their IBKR account.

Online trading major Interactive Brokers is a participant in the SWIFT Global Payment Innovation (GPI) initiative, and, as such, aims to bring greater transparency to the routing of electronic payments.

The company has recently introduced functionality to let its clients track in real-time the progress of wire withdrawals from their IBKR account. In addition, this functionality will help clients of the company better understand the costs associated with wire transfers, including the fees taken during each leg of the transaction and, if applicable, foreign exchange rates.

Real-time data regarding wire withdrawals is available from the Transfer & Pay > Transaction History menu in Client Portal.

SWIFT gpi enables financial institutions to send and receive funds quickly and securely to anyone, anywhere in the world, with full transparency over where a payment is at any given moment. SWIFT gpi improves cross-border payments across the correspondent banking network, and not least for corporates for whom speed, certainty and a smooth international payments experience is a must.

In July 2019, SWIFT announced the launch of multi-bank gpi payment initiation and tracking service for corporates. The go-live followed a successful pilot with 22 corporates and banks – including Airbus, Booking.com, General Electric, Bank of America Merrill Lynch, BNP Paribas, Citi, Deutsche Bank, J.P. Morgan, Societe Generale and Standard Chartered Bank – that collaborated to scope the project, define the standard and business practices, and test the functionality within their treasury systems.

Back in July, SWIFT said that more than 50 of the world’s largest companies – including LVMH, Microsoft and Petronas – have already signed up to SWIFT gpi for corporates.

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