Payments Tracking
In the realm of international finance, the smooth processing of cross-border payments is paramount for businesses of all sizes. Whether it's paying suppliers overseas, receiving payments from global clients, or managing various financial transactions across borders, the ability to track payments efficiently is a crucial aspect of maintaining financial health and operational efficiency. However, the complexity of international transactions often poses significant challenges for businesses, leading to delays, uncertainties, and sometimes even financial losses.
Traditionally, tracking cross-border payments has been a cumbersome task fraught with difficulties. The lack of real-time visibility into the payment process, coupled with the intricate web of intermediaries involved, made it challenging for corporate clients to monitor the status of their payments accurately. In many cases, clients had to rely on fragmented information from multiple sources, leading to inefficiencies, delays, and increased operational costs.
One of the key players in facilitating international payments is the SWIFT network, which provides a messaging system for financial institutions worldwide. While SWIFT offers a robust infrastructure for transferring funds globally, the ability to track payments in real-time has been a longstanding demand from corporate clients. Recognizing this need, SWIFT introduced its Global Payment Innovation (GPI) initiative, aimed at enhancing the speed, transparency, and traceability of cross-border payments. Leveraging GPI, clients can now track their payments at every stage of the transaction lifecycle, from initiation to settlement, providing greater transparency and control over their international payments.
Despite the advancements brought about by SWIFT GPI, challenges persist for corporate clients seeking to track cross-border payments effectively. These challenges include the complexity of the payment ecosystem, lack of interoperability between different systems, and the absence of standardized tracking mechanisms across financial institutions. As a result, businesses continue to grapple with inefficiencies, delays, and uncertainties in their cross-border payment operations.
Common Challenges:
— Limited functionality to trace payments
— Lack of payment trail transparency; not knowing if
payment is in process, delivered, rejected or simply
delayed
— No access/visibility into information on deductions at
correspondent banks and final amount delivered to
beneficiary
— Relying on the principle of no-news-is-good-news
— Delays in resolving investigations for downstream
clients on a timely basis
In response to these challenges, Corpay Cross-Border is proud to showcase our Payments GPS offering, a proprietary payment tracking technology designed to transform the way corporate clients manage their cross-border payments. Leveraging industry-leading technologies, including SWIFT GPI, Payments GPS provides real-time visibility into the status of payments, allowing clients to monitor each step of the payment process with ease.
With Payments GPS, clients can track their payments from initiation to settlement, gaining detailed insight into bank fees, charges, and potential exceptions along the way. By providing unparalleled transparency and control over the payment lifecycle, Payments GPS enables clients to reduce investigation times, lower costs, and mitigate the risk of fraudulent payments. Therefore, payments GPS empowers clients to navigate the complexities of cross-border payments with confidence and efficiency.
For integrated clients who utilize our REST API, Corpay Cross-Border has also introduced Payment Tracking API endpoints, allowing partners to trace the details and status of their payments seamlessly. This feature, available exclusively for SWIFT Payments - Wires, enhances the capabilities of our integrated solutions, providing partners with greater flexibility and control over their cross-border payment operations. With the addition of the TrackerID field in the POST Instruct Deal and GET Lookup Orders response, partners can retrieve a unique identifier for each payment, enabling them to track payment details and status with ease.
You can view the full technical details in relation to our new Payment GPS (tracking) API endpoints on our documentation link here:
Actionable transparency: Receive raw real-time data on each payment, which can help you provide complete transparency on where the payment is, the latest status of the payment, reasons for rejection or delay, deductions by different correspondent banks, and the final amount delivered to the beneficiary.
Enhanced customer experience: With real-time raw data, partners can easily and quickly investigate any inquiry from their clients, helping you both meet your SLA commitments for your downstream clients and also build trust with your clients and their beneficiaries.
Self-serve and scalability: You can trace payments on demand with zero dependency on Corpay’s team responding to phone call/email etc. Thus, the product improves your self-serve capability and allows you to scale international payments offering quickly.
Customization and flexibility in UX design: The product provides a wide range of relevant data points for tracking payments, providing you with the flexibility to customize the payment tracking experience. You can present the payment journey, from booking to delivery, in a simple manner in a status report for a specific payment, or design a comprehensive payment journey for your downstream clients to give maximum visibility into the processing of payments.
Push notifications are now available for Payments GPS tracking and client onboarding account approval. Testing is in progress on Beta environment, with our partners.
Get access to instant notifications for your critical data events! Receive updates almost immediately on your data events without manual data poll requests for status updates.
With this simple but convenient feature, our push notifications have you covered, providing you with instant alerts on a payment and alerting you to newly onboarded clients, in each case almost immediately after it happens.
Benefits to Push Notifications
With instant notifications and increased data visibility, you can improve your customer experience by being informed about the data that matters to you and your client.
1. Reduce manual resources
2. Real-time updates
3. Improved customer experience
4. Improved self-serve capability
5. Secure and scalable
Events covered under push notifications via webhooks:
Payments GPS
— Payment Accepted
— Payment Processed
— Payment Tracking Info Received
— Payment Processed Non-Swift
Onboarding
— Account Approved
Corpay Cross-Border's Payments GPS represents a significant leap forward in the realm of cross-border payment tracking, offering clients unprecedented visibility, control, and efficiency in managing their international transactions. By harnessing the power of SWIFT GPI and cutting-edge technologies, Payments GPS empowers businesses to navigate the complexities of cross-border payments with confidence, unlocking new opportunities for growth and success in the global marketplace.
If you would like to discuss how you can utilize Corpay’s Payment GPS offering and embed it into your existing integration with Corpay, please reach out to your account manager.
Read the success stories of Payments GPS:
Commercial Case:
"The availability of GPS from Corpay has empowered our customers with in-depth knowledge about their payment deliverability. While we previously relied on basic Swift confirmations, we can now offer our customers granular and accurate insights. This has significantly boosted their confidence in using our platform for cross-border payments.
Internally, we are able to analyze corridor efficiencies and provide more intelligence to our customers on better deliverability options."
Steve Habegger
Co-founder & CTO
PayRecs
Operational Case:
"I wanted to share my experience with the Corpay Cross-Border portal, which has proven to be a valuable tool in my daily tasks. It really took no time to catch on.
I can now easily track, in detail, when payments are entered and when they are completed. This has significantly simplified the reconciliation process on my end. It also allows me to spot any potential issues ahead of time.
Additionally having access to up to date funding balance and transaction details is another excellent feature.
Great job Corpay team!"
Jeffrey Boyko
CFA, P.Eng
President, Chief Currency Strategist
Castle Currency Exchange, Inc.
