Bank of America unveils Cross-Border Payment Tracker
By Pavithra R
Bank of America, leading financial institutions, serving individuals, small- and middle-market businesses and large corporations has announced the launch of CashPro self-service tool, allowing clients to have real-time visibility into their international payments.
CashPro, the SWIFT gpi module is accessible through the bank’s integrated platform and brings a wealth of cross-border payment data facilitated by the SWIFT network.
“Our payments tracking tool populates SWIFT gpi information into a view that can be read easily and acted upon immediately,” said Tom Durkin, Global Product Head for CashPro in Global Transaction Services at Bank of America.
Some of the benefits that the financial institution or corporate clients receive by making payments via Bank of America’s SWIFT gpi solution include:
- Visibility into lifting fees and payment charges, including foreign exchange rates.
- Payment settlement transparency, such as timing, amount received, and the identity of the correspondent banks involved in the transaction.
- A reduction in time taken to investigate an issue
With enriched SWIFT gpi payment data, clients can investigate why a wire transfer may have been rejected or cancelled, besides identifying the source of a wire status change through an on-demand, online tool. The CashPro enhancements coincide with the expansion of Bank of America’s SWIFT gpi international coverage supporting 140+ currencies worldwide. SWIFT connected corporate clients can also receive SWIFT gpi inbound and outbound payment status messages directly to their treasury management system through SWIFT gpi for Corporates.
“Incorporating SWIFT gpi data across all relevant customer channels supports our goal of working with the broader transaction services industry to remove friction and bring transparency to cross-border payments,” said David Kretz, head of Global Strategy and Payments for Global Transaction Services at Bank of America.
Established since 1998, The Bank of America is a leading financial institution, serving individuals, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company serves approximately 56 million U.S. consumer and small business relationships.
IBSi Daily News Analysis
May 17, 2022
Bank of America
Keeping up in a crowded market requires FinTech collaborationsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage