IntellectEU’s payLOCATOR receives SWIFT gpi for Corporates label.

By Megha Bhattacharya

IntellectEU announced that payLOCATOR, a payment tracking solution enabling direct access to payment information for bank’s clients and their counterparties, has recently received a SWIFT gpi for Corporates label. payLOCATOR is a payment tracking solution which, by harnessing the power of SWIFT gpi, provides a single window for SWIFT connected corporates to track all of their payments through the entire correspondent banking chain and even share this information with their non-SWIFT beneficiaries.

“Working with a variety of banks and corporates, has allowed us to understand the shared pain points for this community: lack of awareness of charges and possible delays, difficulties with forecasting, no confidence in the fulfillment of obligations by a counterparty. Understanding the cruciality of these issues pushed us to the development of payLOCATOR.”, Dmytro Diachkovskyi, Product Manager for payLOCATOR said.

IntellectEU’s solution tracks and reports the payment flows, charges, and currency exchange rates and allows clients to share payment information from the system with their business partners via a secure and simple trustline schema. Using the dashboard, corporates connected to payLOCATOR can see in real-time how their payments move through the correspondent banking chain, from inception right through until the beneficiary account is credited. payLOCATOR can be easily plugged into existing solutions via an API, meaning minimal implementation costs for the business.

By leveraging SWIFT gpi for Corporates, payLOCATOR assists in enhancing business processes by providing payment transparency and a tracking framework for all engaged parties.