Currencycloud announced a new API that provides SWIFT gpi tracking of cross-border payments. Historically, the only providers offering cross-border payment tracking were banks. Currencycloud is changing that story, and wants to make payment tracking as simple as package tracking.
“We have reduced time to resolution for payment tracking more than ten-fold since introducing SWIFT gpi, providing unprecedented speed in resolving clients’ issues around cross-border payments," Currencycloud CEO, Mike Laven, commented in a press release. "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 when payments fail or are delayed.”
By delivering tracking capability through an API, Currencycloud clients can pass this same capability on to is customers. Currencycloud has had successful early testing with FinTech providers TransferGo, Penta, and Money Mover. These three early adopters and others are seeing this as a solution to a huge cause of delays in cross-border payments.
Through SWIFT gpi, Currencycloud can track payment, step-by-step, around the world. It can tell if a payment is being held, if it failed, where it failed, and more in just a few seconds. With this service, the need for a banking partner to track payments vanishes.
Prior to this technology, Currencycloud reports that 80% of failed payments took more than seven days to resolve. With Currencycloud's SWIFT gpi, the company estimates that 60% of failed payments can be resolved in a less than a day, often in a few minutes. To learn more, visit the Currencycloud site.