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SOME 24 banks in Asia-Pacific have signed up for a new cross-border tracking service launched by payment network service Swift, as the financial institutions seek better ways to meet security and compliance demands using technology.
The service, known as Swift gpi, allows banks to see real-time tracking of payments. Banks will also get same-day payment clearance, and see fees upfront.
The 24 banks are part of more than 110 transaction banks globally that have gone live with the service, or are planning to implement Swift gpi. Flows through these banks make up more than 75 per cent of all cross-border payments going through the Swift network. The Asian banks that have signed up include top Chinese banks, DBS, and OCBC.