Standard Chartered introduces public portal for real-time tracking of cross-border payments

Maria Nikolova

The portal offers the ability to trace all cross-border payments cleared through Standard Chartered’s major clearing centres to its clients, as well as to their corporate and retail clients.

Standard Chartered today announces the launch of SC GPI Track, a publicly accessible portal that offers the ability to trace all cross-border payments cleared through the Bank’s major clearing centres to its clients, as well as to their corporate and retail clients. This way, Standard Chartered has paved the way in providing an enhanced cross-border payment experience for its clients.

Through the portal, Standard Chartered’s clients and their counterparties can obtain the status of any payments the Bank has processed in real-time, by simply entering SWIFT’s unique end-to-end transaction reference (UETR) associated with the cross-border payment on the public portal.

SC GPI Track

Alain Raes, Chief Business Development Officer at SWIFT said,

“For far too long, the industry wanted to believe that a slow, opaque and costly cross-border payment was a technology problem. With SWIFT gpi, the global financial system has demonstrated that transparent and traceable cross-border payments are a reality today. On average, 40% of gpi payments are credited to end beneficiaries within 5 minutes and 50% are credited within 30 minutes. Standard Chartered, as an innovative and forward-thinking institution, understands the apt reuse of their SWIFT infrastructure in a practical way. With the launch of SC GPI Track, corporations and financial institutions will be able to further facilitate e-commerce by moving money faster. We view that as a sign of leadership, foresight, and innovation.”

Participants in the SWIFT Global Payment Innovation (GPI) initiative aim to bring greater transparency to the routing of electronic payments. Recently, online trading major Interactive Brokers, which is one of the participants in SWIFT GPI, 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.

Read this next

Digital Assets

Gemini Earn users to recover $2.18 billion in crypto payouts

Cryptocurrency exchange Gemini has agreed to pay $50 million worth of digital assets to investors in its Gemini Earn program as part of a settlement with the New York Attorney General (NYAG), announced on Friday.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary: British Pound (GBP) Weakness, US Inflation, Euro, USD June 14 ,2024

British Pound weakens due to lower inflation expectations, potential policy changes from Reform Party, and broader economic concerns.

blockdag

Q2 2024’s Top 5 Cryptos to Buy: BlockDAG, Pepe, Toncoin, Solana and Render

Learn about 2024’s Q2 top 5 cryptos. Explore potential high-return and advancements of altcoins like BlockDAG, Pepe, Toncoin, Solana, and Render.

Fundamental Analysis, Tech and Fundamental, Technical Analysis

GBPCAD Technical Analysis Report 14 June, 2024

GBPCAD currency pair can be expected to fall further toward the next support level 1.7250, former strong resistance from last year.

Digital Assets

Binance acquitted of tax evasion in Nigeria, now faces AML charges

Nigeria has dropped tax evasion charges against two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, after the world’s largest cryptocurrency exchange appointed a local representative to handle court processes related to the allegations.

Digital Assets

Trezor launches new hardware wallet ‘Safe 5’ with fresh security features

Crypto hardware wallet manufacturer Trezor announced on Friday the launch of its latest flagship product, the Trezor Safe 5, featuring upgraded security to promote self-custody of digital assets.

Institutional FX

Tradeweb enhances RFQ trading in bonds and ETFs

“Clients can now leverage predictive analytics and data to unveil deeper insights at the list level, providing them with an unparalleled level of precision throughout every point of the RFQ trading process.”

Industry News

US repatriates $1.4B misappropriated 1MDB funds to Malaysia

1MDB was created to promote economic development in Malaysia, but instead it went to Hollywood, a superyacht, a Monet and Van Gogh, as part of a $4.5 billion money laundering scheme.

Crypto Insider, Web3

What’s New in Web3 in 2024

Is Web3 really the future of the internet? It certainly seems so. In 2024, the momentum behind decentralized technologies, blockchain, and token-based economies will be stronger than ever.

<