IntellectEU payment tracking product obtains the Swift gpi label for businesses
IntellectEU is pleased to announce that payLOCATOR, an innovative payment tracking solution providing direct access to payment information for the bank’s customers and their counterparties, has recently been awarded the SWIFT gpi for Corporates label.
In today’s cross-border payments landscape, there is a lack of transparency and an increase in the time and operating costs spent on payment investigations, dispute resolution and supply chain uncertainties.
payLOCATOR is a unique payment tracking solution which, by harnessing the power of SWIFT gpi, provides a one stop shop for businesses connected to SWIFT to track all their payments throughout the correspondent banking chain and even share this information with their beneficiaries. not SWIFT.
“Working with various banks and companies has allowed us to understand the common weaknesses of this community: ignorance of costs and possible delays, forecasting difficulties, lack of confidence in the fulfillment of obligations by a counterparty. Understanding the crucial nature of these issues prompted us to develop payLOCATOR. Said Dmytro Diachkovskyi, product manager for payLOCATOR.
payLOCATOR tracks and reports payment flows, fees and exchange rates and allows customers to share system payment information with their business partners through a simple and secure trust line scheme. Using the dashboard, companies connected to payLOCATOR can see in real time how their payments are progressing in the correspondent bank chain, from their creation until the beneficiary account is credited. payLOCATOR can be easily connected to existing solutions via an API, which means minimal implementation costs for the company.
Kseniia Ilchenko, Head of Product Analytics at payLOCATOR: Trust between counterparties, a full understanding of the payment flow, a faster supply chain and, certainly, insight – that’s what payLOCATOR is for me.
SWIFT experts have performed extensive technical and functional testing and payLOCATOR has successfully integrated gpi for business and is now able to process and exchange gpi for business related flows.
IntellectEU’s gpi-related initiative highlights that by adopting SWIFT gpi for business – the new standard in global payments – users are able to gain full transparency on where a payment at a given time, thus improving cross-border payments on the corresponding banking network, especially for businesses for whom speed, certainty and a smooth international payment experience are an absolute must. payLOCATOR brings the power of SWIFT gpi for Corporates to non-SWIFT counterparties, making it the perfect complementary solution to the gpi family. It is a welcome addition to the list of SWIFT 2021 compatible applications.
PayLOCATOR’s payment tracking and data sharing capabilities reduce operating costs through simplified payment investigation and dispute resolution, as well as optimized cash flow for the supply chain . IntellectEU is proud to help its customers – banks and technology providers – deliver payLOCATOR benefits to their corporate clients and maintain the status of an innovative leader in the payments industry.
By leveraging SWIFT gpi for businesses, payLOCATOR helps improve business processes by providing payment transparency and a monitoring framework for all parties involved.