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Santander pilots payment tracking service

Santander UK is piloting a new real-time international payment tracker service for its customers using the SWIFT GPI Service together with SWIFT universal payment confirmations later this year.

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The service will be fully available later this year. Santander is one of the first banks to make available SWIFT GPI tracking direct to UK companies.

The innovative new tracking service is integrated into Santander’s corporate online banking service and uses the SWIFT GPI unique end-to-end tracker reference (UETR) to enable customers to track their outbound and inbound international payments in real-time anywhere in the world over the SWIFT GPI network.

Companies of all sizes sending international payments will be familiar with the traditional challenges where a supplier has contacted them to say that the payment has not yet been received or the value of the funds received is less than expected. The company would then need to contact their bank for further support to trace and check status of the payment. The new International Payment Tracking service will avoid all this saving companies time and unnecessary hassle.

John Carroll, Head of International and Transactional Banking, Santander UK said: “Now more than ever, our customers need certainty that their payments have reached their supplier, so the movement of goods and commerce is not disrupted. With supply chains under enormous strain already and businesses grappling with the stresses of coronavirus, it is essential to ensure supplier payments are not delayed. The Santander International Payments Tracker solves a genuine customer problem and I’m eager to see the results of the pilot.”

The new Santander international payment tracker enables customers to track the status, journey and timings of their international payments online and in real-time. It reduces the need for customers to contact their bank for support to trace and confirm status and also provides greater transparency of any fees deducted by correspondent and beneficiary banks. In addition, there is an option to track inbound international payments using the SWIFT GPI end to end tracking reference, which enables customers to see an incoming payment on route to their account.

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Comments: (1)

A Finextra member 

This tracker is an excellent tool for Santander's customers, that is long overdue, but it highlights the deficiencies of the "fire-and-forget" SWIFT messaging system and that, despite all the spin, SWIFT GPI lacks real-time payments capability.

There is nothing to track for true real-time payments - they are either sent and received simultaneously, or the sender is unable to send (e.g. due to a validation error). Much more innovative solutions for real-time cross-border payments are out there with synchronous/atomic settlement.

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