iBanFirst launches real-time payment tracking service

By Megha Bhattacharya

iBanFirst recently announced the launch of Payment Tracker, a real-time payment tracking service offering live updates on the status of international payments at any stage of the fund transfer process.  The solution also highlights potential hurdles and delays along the payment’s journey, thus enabling mid-cap and SME clients can trace payments the same way consumers can track parcels.

Oualid Abderrazek, Chief Product Officer, iBanFirst said, “Until now, little had been done to provide real-time status updates on international bank transfers for both payers and payees. A growing number of companies operate internationally and source products overseas. Manufacturers’ terms of payments often call for a 30% advance by bank transfer before production starts and the settlement of their invoice before shipment. The timely execution of payments and the ability to notify beneficiaries are therefore crucial to bolster companies’ relationships with international vendors and to speed up their supply chain.”

The tracker can be accessible on the iBanFirst platform or via an invitation email. It uses SWIFT gpi tracking service as well as other payment data sources, including the platform’s own data. iBanFirst stated that the scalable micro-service builds on an architecture and APIs that enable the aggregation of any type of bank settlement. Initially developed for foreign currency payments, it also facilitates eurozone (SEPA) transfers.

This year, iBanFirst announced its latest Series C funding round worth €21 million. The funding round saw the participation of venture capital funds Elaia and Bpifrance. This brings the total funds secured by the payment FinTech to €46 million since 2013. The company has stated that the new capital will allow to bring about changes in the payment services market for SMEs and mid-tier companies.

Pierre-Antoine Dusoulier, CEO and Founder of iBanFirst, said, “We are delighted to launch the iBanFirst ‘Payment Tracker’, which brings a time-honoured tracking experience from the parcel delivery industry to cross-border payments. This service not only represents a breakthrough in terms of user experience but also delivers full transparency on fees and potential delays at every stage of the payment process. With the ‘Payment Tracker’, iBanFirst remains true to its mission of empowering companies operating internationally. As uncertainty still looms within the context of a global pandemic, timely cross-border payments are vital for economic growth. This is also true of the circle of trust between clients and suppliers, which the ‘Payment Tracker’ helps to strengthen.”